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INFORMATION <br /> RESOLUTION 97 - 125 <br /> • CITY OF ELK RIVER <br /> COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> RESOLUTION DECERTIFYING TAX INCREMENT FINANCING <br /> DISTRICT NO. 8 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. 8 in <br /> 1990; and, <br /> WHEREAS, TIF District No. 8 was utilized as a financing mechanism to <br /> facilitate a redevelopment project in downtown Elk River; and, <br /> WHEREAS, all funds identified within the Tax Increment Financing Plan <br /> for Tax Increment Financing District No. 8 have been <br /> expended; and, <br /> • WHEREAS, Tax Increment Financing District No. 8 accomplished the <br /> objectives as set forth within the Tax Increment Financing <br /> Plan for Tax Increment Financing District No. 8 and the <br /> Development Program for Development District No. 1; and, <br /> WHEREAS, the redevelopment project facilitated through the use of tax <br /> increment dollars generated from Tax Increment Financing <br /> District No. 8 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. 8 would not be available on <br /> January 1, 1998, because the project would not have been <br /> completed without utilization of Tax Increment Financing; <br /> and, <br />