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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 92 - 109 <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER RELATING TO THE <br />ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 11 <br />AND THE ADOPTION AND APPROVAL OF THE TAX INCREMENT FINANCING <br />PLAN RELATING THERETO, LOCATED WITHIN DEVELOPMENT DISTRICT NO. 1 <br /> <br />BE IT RESOLVED by the City Council (the Council) of the City of <br />Elk River, Minnesota (the City), as follows: <br /> <br />Section 1. - Recitals. <br /> <br />1.01. It has been proposed and adopted by the Economic <br />Development Authority (the EDA) for the City of Elk River, <br />Minnesota that the EDA establish Tax Increment Financing <br />District No. 11 within Development District No. 1 pursuant to <br />and in accordance with Minnesota Statutes. <br /> <br />1.02. The EDA has caused to be prepared, and this <br />Council has investigated the facts with respect thereto, a <br />proposed Tax Increment Financing Plan for Tax Increment <br />Financing District No. 11 (the Plan). <br /> <br />1.03. The EDA and the City have performed all actions <br />required by law to be performed prior to the establishment of <br />Tax Increment Financing District No. 11 and the adoption of the <br />Plan relating thereto. <br /> <br />1.04. The Council hereby determines that it is <br />necessary and in the best interest of the City at this time to <br />establish Tax Increment Financing District No. 11 and to <br />approve the Plan relating thereto. <br /> <br />Section 2. - Findings for the Establishment of Tax <br />Increment Financinq District No. 11 <br /> <br />2.01. The Council hereby finds, determines and declares <br />that the establishment of Tax Increment Financing District No. <br />11 located within Development District No. 1 is intended and, <br />in the judgement of this Council, its effects will be, to <br />provide an impetus for commercial and industrial development, <br />increase employment and otherwise promote certain public <br />purposes and accomplish certain objectives as specified in the <br />Plan for Tax Increment Financing District No. 11. <br /> <br />2.02. The Council further finds, determines and <br />declares that Tax Increment Financing District No. 11 qualifies <br />as an Economic Development District pursuant to Minnesota <br />Statutes, Section 469.174, Subdivision 12. <br />