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�j <br /> City of <br /> Elk City of Elk River <br /> "� City Council <br /> River <br /> Resolution 18- <br /> A Resolution of the City Council of the City of Elk River Denying Tax <br /> Increment Assistance for Elk River Lodge & Residential Suites, LLC <br /> WHEREAS, the City of Elk River,Minnesota(the "City")is authorized by Minnesota <br /> Statutes,Sections 469.174 to 469.1794 (the "TIF Act") to grant a tax increment assistance in <br /> accordance with the TIF Act; <br /> WHEREAS, the City has reviewed a proposal by Elk River Lodge&Residential Suites,LLC <br /> (the"Developer") to utilize a portion of the tax increments to be generated by the proposed <br /> construction of an approximately 40-unit rental housing facility(the"Jackson Hills Pro)ect") to <br /> finance interior and exterior renovations to the Elk River Lodge located within the City(the <br /> "Lodge Improvements") in connection with a conversion to residential rental units; <br /> WHEREAS, (i) the Lodge Improvements do not generate tax increments sufficient to <br /> finance the requested amount of assistance in the application as a portion of the Lodge <br /> Improvements have previously commenced with permits pulled,thus negating incremental <br /> value,and (ii) the proposed use of tax increments for the Lodge Improvements does not meet <br /> the but-for test under the TIF Act because a portion of the proposed Lodge Improvements are <br /> required to bring the Elk River Lodge into compliance with the City's zoning code and <br /> construction on a portion of the Lodge Improvements has already commenced; <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br /> River,Minnesota, as follows: <br /> 1. The Council denies the Developer's application and declines to provide assistance for <br /> the Lodge Improvements. <br /> 2. This resolution is effective on the date hereof and staff is directed to return any <br /> unspent portion of the Developer's deposit for costs after applying such deposit to <br /> costs incurred by the City through the date hereof. <br /> Passed and adopted this 201h day of February 2018. <br /> John J. Dietz,Mayor <br /> ATTEST: <br /> Tina Allard, City Clerk <br /> NATURE] <br />