7.2 SR 01-03-2022 - Laserfiche WebLink

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City of Elk River City of Elk River City Council Resolution 22- A Resolution of the City Council of the City of Elk River ADOPTING A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. I AND ESTABLISHING TAX INCREMENT FINANCING (HOUSING) DISTRICT NO. 28 (JACKSON HILLS APARTMENTS PHASE II HOUSING PROJECT) THEREIN AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR WHEREAS, the City Council of the City of Elk River (the "City') has heretofore established Development District No. 1 and adopted a Development Program therefor. It has been proposed that the City adopt a Modification to the Development Program (the "Development Program Modification") for Development District No. 1 (the "Development District") and establish Tax Increment Financing District (Housing) No. 28 (Jackson Hills Apartments Phase II Housing Project) (the "District") therein and adopt a Tax Increment Financing Plan (the "TIF Plan") therefor (the Development Program Modification and the TIF Plan are referred to collectively herein as the "Program and Plan"); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 to 469.133 and Sections 469.174 to 469.1794, all inclusive, as amended (the "Act"), all as reflected in the Program and Plan, and presented for the Council's consideration; WHEREAS, the City has investigated the facts relating to the Program and Plan and has caused the Program and Plan to be prepared; WHEREAS, the City has performed all actions required by law to be performed prior to the establishment of the District and the adoption and approval of the proposed Program and Plan, including, but not limited to, notification of Sherburne County and Independent School District No. 728 (Elk River) having taxing jurisdiction over the property to be included in the District, a review of and written comment on the Program and Plan by the City Planning Commission, and the holding of a public hearing upon published notice as required by law; WHEREAS, certain written Materials, materials and information (the "Materials") relating to the Program and Plan and to the activities contemplated therein have heretofore been prepared by staff and consultants and submitted to the Council and/or made a part of the City files and proceedings on the Program and Plan. The Materials include data, information, an application, project sources and uses, a pro forma, and other information supplied by The Briggs Company (or an affiliate thereof, the "Developer"), as to the activities contemplated therein, and information constituting or relating to (1) why the assistance satisfies the so-called "but for" test and (2) the bases for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies, and adopts