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RESOLUTION 97 - 123 <br /> <br />CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION MODIFYING THE TAX INCREMENT FINANCING PLAN <br /> FOR TAX INCREMENT FINANCING DISTRICT NO. 5 <br /> <br />BE IT RESOLVED by the City Council ( the "Council") of the City of Elk River, <br />Minnesota (the "City") as follows: <br /> <br />Section 1. - Recitals. <br /> <br /> 1.01. It has been proposed that the Council modify the Tax Increment <br />Financing Plan ("Plan Modification") for Tax Increment Financing District No. 5, <br />and adopt the related Plan Modification therefor, pursuant to and in conformity <br />with applicable law, including Minnesota Statutes, Sections 469.090 through <br />469.1081 and 469.174 through 469.179, all inclusive, as amended, all as reflected in <br />the Plan Modification showing an adoption date of December 1, 1997, and presented <br />for the Council's consideration. <br /> <br /> 1.02. The Council has investigated the facts relating to the Plan <br />Modification. <br /> <br /> 1.03. The City has performed all actions required by law to be performed <br />prior to the adoption and approval of the proposed Plan Modification, including, but <br />not limited to, notification of Sherburne County and School District No. 728 having <br />taxing jurisdiction over the property located within District No. 5, a review of and <br />action taken on the Plan Modification by the City Planning Commission, and the <br />holding of a public hearing upon published notice as required by law. <br /> <br /> 1.04. Certain written reports (the "Reports") relating to the Plan <br />Modification and to the activities contemplated therein have heretofore been <br />prepared by staff and submitted to the Council and/or made a part of the City files <br />and proceedings on the Plan Modification. The Reports include data, information, <br />and/or substantiation constituting or relating to the basis for findings and <br />determinations made in this Resolution. The Council hereby confirms, ratifies, and <br />adopts the Reports which are hereby incorporated into and made as fully a part of <br />this Resolution to the same extent as if set forth in full herein. <br /> <br />Section 2. - Findings for the Adoption and Approval of the Plan Modification. <br /> <br /> 2.01. The Council hereby finds that the Plan Modification is intended, and <br />in the judgment of this Council, the effect of such actions will be, to provide an <br />impetus for development for the public purpose and to accomplish certain objectives <br />as specified in the Development Program for Development District No. i and the <br /> <br /> <br />