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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br />RESOLUTION 08- <br />RESOLUTION APPROVING THE DECERTIFICATION OF TAX INCREMENT <br />FINANCING DISTRICT NO. 7 WITHIN DEVELOPMENT <br />DISTRICT NO. 1 IN THE CITY OF ELK RIVER <br />WHEREAS, on February 12, 1990 the Elk River Economic Development Authority (the <br />"Authority") created its Tax Increment Financing District No. 7., (the "District") within its <br />Development District No. 1 (the "Project"); and <br />WHEREAS, as of the date hereof all bonds and obligations to which tax increment from <br />the District had been pledged have been paid in full and all other costs of the Project have <br />been paid; and <br />WHEREAS, the Tax Increment Financing plan adopted on February 12, 1990 for Tax <br />Increment Financing District No. 7 requires, pursuant to M.S. 469.176, Subd.1, that the <br />duration of the Tax Increment Financing District 7 will be twenty-five years after the date of <br />receipt by the City of the first tax increment; and <br />WHEREAS, the continuance of TIF District No. 6 serves no public or private purpose; <br />and <br />WHEREAS, the Authority desires by this resolution to cause the decertification due to its <br />payment of obligations of the District after which all property taxes generated by property <br />within the Districts will be distributed in the same manner as all other property taxes <br />beginning July 1, 2008, <br />NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Elk <br />River Economic Development Authority that the city's staff shall take such action as is <br />necessary to cause the County Auditor of Sherburne County to decertify the District as a tax <br />increment district and to no longer remit tax increment from the District to the Authority. <br />DATED: March 10, 2008 <br />Jeffrey A. Gongoll, President <br />ATTEST: <br />Catherine Mehelich, Executive Director <br />s:~rnn\rlr\i'~~V'i'if~ ~ n~ccR~ i~so~,.ooc <br />