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. THE CITY COUNCIL FOR THE CITY OF ELK RIVER, MINNESOTA RESOLUTION NO. 90- ~ A RESOLUTION REVOKING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.4, ABOLISHING TAX INCREMENT FINANCING DISTRICT NO.4, AND REQUESTING THE SHERBURNE COUNTY AUDITOR TO DECERTIFY TAX INCREMENT FINANCING DISTRICT NO.4. The City Council for the City of Elk River (the City) acting pursuant to its authority under the Minnesota Tax Increment Financing Act (Minnesota Statutes, Sections 469.174, et seq.), hereby finds, determines, and resolves as follows: e e FINDINGS 1. That City of Elk River Development District No. 1 was designated as a municipal development district pursuant to Minnesota Statutes, Chapter 469.124, ~ ~., and that the Development Program for Development District No. 1 was approved by resolution of the City Council for the City of Elk River dated April 1, 1985, and amended by resolutions of the City Council and Economic Development Authority dated January 27, 1986, November 3D, 1987, and November 6, 1989. 2. That the Development Program for Development District No. 1 anticipates and provides for the adoption of Tax Increment Financing Plans and the establishment of Tax Increment Financing Districts to assist in the financing of public improvements necessary to attract new development to the Development District. 3. That the City Council of the City of Elk River, on. November 30, 1987, adopted a resolution approving the Tax Increment Financing Plan for Tax Increment Financing District No.4 (TIF District No.4), establishing TIF District No.4, and directing City staff and consultants to take the steps necessary to implement TIF District No.4. to 4. That the Tax Increment Financing Plan for TIF District No. 4 was submitted to Sherburne County for certification of the original assessed value of the property within TIF District No.4, and TIF District No. 4 was subsequently certified by Sherburne County. 5. That the City Council of the City of Elk River has determined that it is in the best interests of the City at this time to decertify and abolish TIF District No.4.