Laserfiche WebLink
<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 93 - jl <br />RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION APPROVING THE MODIFICATION OF THE TAX <br />INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICTS <br />NO. 1 AND NO.3, AND DIRECTING CITY STAFF TO IMPLEMENT THE <br />MODIFICATION OF TAX INCREMENT FINANCING PLANS NO. 1 AND NO. 3 <br /> <br />The City Council for the City of Elk River (the City), <br />acting pursuant to its authority under the Minnesota Tax <br />Increment Financing Act (Minn. Stat. Sec. 469.174-469.179) <br />hereby finds, determines, and resolves as follows: <br /> <br />FINDINGS <br /> <br />1. That the City has created and established Development <br />District No. 1 in the City pursuant to Minnesota Statutes <br />Chapter 469. <br /> <br />2. That the City has created and established Economic <br />Development Tax Increment Financing Districts No. 1 and No. 3 <br />in the City pursuant to the Minnesota Tax Increment Financing <br />Act. <br /> <br />3. That the purpose of Development District No. 1 and TIF <br />Districts No. 1 and No. 3 is to provide a means for financing <br />public improvements and facilities necessary for the City to <br />attract additional business and industrial development and <br />increase employment opportunities in those areas of the City <br />designated for these uses. <br /> <br />4. That the purpose of the modification of the TIF Plans <br />for the TIF Districts No. 1 and No. 3 (the Modification) is to <br />provide supplemental information relating to Tax Increment <br />expenditures to pay for certain public redevelopment costs. <br /> <br />5. That the Tax Increment expenditures used to pay for <br />certain public redevelopment costs authorized by Minnesota <br />Statutes is consistent with the goals and purposes of the <br />Development Programs and the TIF Plans. <br /> <br />6. That TIF Districts No. 1 and No.3 are Economic <br />Development Tax Increment Financing Districts pursuant to <br />Minnesota Statutes Section 273.73, subd. 12. <br /> <br />7. That the Modification of the TIF Plans for TIF <br />Districts No. 1 and No. 3 reflects the City's intention to use <br />a portion of the tax increment captured in TIF Districts No. 1 <br />and No. 3 to assist with a redevelopment project within <br />Development District No. 1 by paying for certain public <br />development costs authorized by Minnesota Statutes. <br />