5.0 HRSR 03-03-08 - Laserfiche WebLink

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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION 08-01 RESOLUTION APPROVING THE DECERTIFICATION OF TAX INCREMENT FINANCING DISTRICT NO. 10 WITHIN DEVELOPMENT DISTRICT NO. 1 IN THE CITY OF ELK RIVER WHEREAS, on August 25, 1992 the Elk River Housing and Redevelopment Authority (the "Authority") created its Tax Increment Financing District No. 10., (the "District") within its Development District No. 1 (the "Project"); and WHEREAS, as of the date hereof all bonds and obligations to which tax increment from the District had been pledged have been paid in full or defeased and all other costs of the Project have been paid; and WHEREAS, the Tax Increment Financing plan adopted on September 8, 1992 for Tax Increment Financing District No. 10 requires, pursuant to M.S. 469.176, Subd.1, that the duration of the Tax Increment Financing District 10 will be up to and including the tax collection year of 2009 or until the project debt of $160,000 has been repaid.; and WHEREAS, the continuance of TIF District No. 10 serves no public or private purpose; and WHEREAS, the Authority desires by this resolution to cause the decertification due to its payment of obligations of the District after which all property taxes generated by property within the Districts will be distributed in the same manner as all other property taxes beginning July 1, 2008, NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Elk River Housing and Redevelopment Authority that the city's staff shall take such action as is necessary to cause the County Auditor of Sherburne County to decertify the District as a tax increment district and to no longer remit tax increment from the District to the Authority. DATED: March 3, 2008 Stewart Wilson, Chair ATTEST: Catherine Mehelich, Executive Director S:AEDA\TIF\TiE10\TIF10 DECFRT RFSOL.DOC