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INFORMATION <br /> RESOLUTION 97 - 124 <br /> • CITY OF ELK RIVER <br /> COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> RESOLUTION DECERTIFYING TAX INCREMENT FINANCING <br /> DISTRICT NO. 5 LYING WITHIN DEVELOPMENT DISTRICT NO. 1 <br /> • IN THE CITY OF ELK RIVER <br /> BE IT RESOLVED,by the City Council of the City of Elk River, Minnesota <br /> as follows: <br /> WHEREAS, the City created Tax Increment Financing District No. 5 in <br /> 1988; and, <br /> WHEREAS, TIF District No. 5 was utilized as a financing mechanism to <br /> fund a manufacturing project in the Elk River Industrial Park; <br /> and, <br /> WHEREAS, all funds identified within the Tax Increment Financing Plan <br /> for Tax Increment Financing District No. 5 have been <br /> expended; and, <br /> WHEREAS, excess tax increment revenues which have been generated will <br /> be expended by December 31, 1997, on public improvements <br /> and/or land acquisition as identified within a Modification to <br /> the Tax Increment Financing Plan for Tax Increment <br /> Financing District No. 5 adopted December 1, 1997; and, <br /> WHEREAS, Tax Increment Financing District No. 5 accomplished the <br /> objectives as set forth within the Tax Increment Financing <br /> Plan for Tax Increment Financing District No. 5 and the <br /> Development Program for Development District No. 1; and, <br /> WHEREAS, the manufacturing project facilitated through the use of tax <br /> increment dollars generated from Tax Increment Financing <br /> District No. 5 has created and sustained substantial <br /> employment and tax base within the City of Elk River, School <br /> District 728, and Sherburne County; and, <br /> WHEREAS, the tax revenues generated from properties within Tax <br /> Increment Financing District No. 5 would not be available on <br /> • January 1, 1998, because the project would not have been <br />