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City of <br />Elk <br />River <br />City of Elk River <br />City Council <br />Resolution 22-19 <br />A Resolution of the City Council of the City of Elk River approving and <br />authorizing the execution of a TIF development assistance agreement in <br />connection with tax increment financing (housing) district No. 28 (Jackson <br />Hills Apartments Phase II housing project) <br />WHEREAS, On January 3, 2022, the City Council of the City of Elk River approved the <br />creation of Tax Increment District 28. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: <br />Section 1. Recitals. <br />1.01. Pursuant to Minnesota Statutes, Section 469.124 through 469.134, as amended <br />(the "Municipal Development Act"), the City has undertaken a program to promote the <br />development and redevelopment of land within the City, and in connection therewith created <br />the Development District No. 1, as expanded (the "Development District") and adopted a <br />Development Program therefor (the "Development Program"). <br />1.02. Pursuant to the provisions of Minnesota Statutes, Section 469.174 through <br />469.1794, as amended, (the "TIF Act" and together with the Municipal Development Act, the <br />"Act"), the City has created, within the Development District, the Tax Increment Financing <br />District (Housing) No. 28 Uackson Hills Apartments Phase II Housing Pro) ect) qualified as a <br />housing tax increment financing district (the "TIF District") and has adopted a tax increment <br />financing plan therefor (the "TIF Plan") which provides for the use of tax increment financing <br />in connection with the Project. <br />1.03. The City has reviewed a proposal by Jackson Street Apartments, LLC, a <br />Minnesota limited liability company, or an entity related thereto or affiliated therewith <br />("Developer"), for tax increment financing in connection with the construction by the <br />Developer of an approximately 44-unit affordable multifamily rental housing development <br />and related amenities and improvements (the "Pro)ect"). <br />1.04. The City has determined that it is reasonable and necessary to provide certain <br />financial assistance to the Developer in order to facilitate Developer's plans for the Project, <br />and to that end, the City has negotiated a TIF Development Assistance Agreement between <br />the City and Developer (the "TIF Agreement"). <br />Section 2. Approval of NATUREJ <br />