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RES 22-03
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RES 22-03
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1/4/2022 12:41:49 PM
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1/4/2022 12:41:49 PM
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City Government
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RES
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1/3/2022
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of <br />��-► City of Elk River <br />.ver City Council <br />Resolution 22-3 <br />A Resolution of the City Council of the City of Elk River adopting a <br />modification to the development program for Development District No. <br />and establishing Tax Increment Financing (Housing) District No. 28 (Jackson <br />Hills Apartments Phase II housing project) therein and adopting a Tax <br />Increment Financing plan therefor <br />WHEREAS, the City Council of the City of Elk River (the "City") has heretofore <br />established Development District No. 1 and adopted a Development Program the4efor. It <br />has been proposed that the City adopt a Modification to the Development Program (the <br />"Development Program Modification") for Development District No. 1 (the "Development <br />District") and establish Tax Increment Financing District (Housing) No. 28 Qackson Hills <br />Apartments Phase II Housing Project) (the "District") therein and adopt a Tax Increment <br />Financing Plan (the "TIF Plan") therefor (the Development Program Modification and the <br />TIF Plan are referred to collectively herein as the "Program and Plan"); all pursuant to and <br />in conformity with applicable law, including Minnesota Statutes, Sections 469.124 to 469.133 <br />and Sections 469.174 to 469.1794, all inclusive, as amended (the "Act"), all as reflected in the <br />Program and Plan, and presented for the Council's consideration; <br />WHEREAS, the City has investigated the facts relating to the Program and Plan and has <br />caused the Program and Plan to be prepared; <br />WHEREAS, the City has performed all actions required by law to be performed prior to <br />the establishment of the District and the adoption and approval of the proposed Program <br />and Plan, including, but not limited to, notification of Sherburne County and Independent <br />School District No. 728 (Elk River) having taxing jurisdiction over the property to be <br />included in the District, a review of and written comment on the Program and Plan by the <br />City Planning Commission, and the holding of a public hearing upon published notice as <br />required by law; <br />WHEREAS, certain written Materials, materials and information (the "Materials") relating <br />to the Program and Plan and to the activities contemplated therein have heretofore been <br />prepared by staff and consultants and submitted to the Council and/or made a part of the <br />City files and proceedings on the Program and Plan. The Materials include data, <br />information, an application, project sources and uses, a pro forma, and other information <br />supplied by The Briggs Company (or an affiliate thereof, the "Developer"), as to the <br />activities contemplated therein, and information constituting or relating to (1) why the <br />assistance satisfies the so-called "but for" test and (2) the bases for the other findings and <br />determinations made in this resolution. The Council hereby confirms, ratifies, and adopts <br />the Materials, which are hereby incorporated into and made as fully a part of this resolution <br />P0NI0E0 0r <br />ATURE <br />
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