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RESOLUTION 96 - <br /> <br /> A RESOLUTION OF THE CITY OF ELK RIVER <br /> <br />A RESOLUTION DIRECTING THAT TAX INCREMENT FINANCING <br />FUNDS FROM TAX INCREMENT FINANCING DISTRICT NO. 4 BE <br />APPLIED TO THE COSTS OF THE GARY STREET WATER TOWER <br /> <br />WHEREAS, <br /> <br />the City Council of the City of Elk River, on November 30, <br />1987, adopted Tax Increment Financing Plan for Tax <br />Increment Financing District No. 4; and, <br /> <br />WHEREAS, <br /> <br />the City has received certain tax increment funds from Tax <br />Increment Financing District No. 4; and, <br /> <br />WHEREAS, <br /> <br />the Tax Increment Financing Plan for Tax Increment <br />Financing District No. 4 indicated that tax increment <br />generated by the Tax Increment Financing District would be <br />used to contribute to the cost of improvement to the City's <br />water supply system and sanitary sewer system, including <br />the cost of construction of an elevated water tower; and, <br /> <br />WHEREAS, <br /> <br />the City of Elk River issued bonds in 1994 and constructed <br />an elevated water tower and a water treatment facility on <br />Gary Street during 1995. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Elk River, as follows: <br /> <br />All tax increment received from Tax Increment Financing District No. <br />4 is hereby designated to be used to contribute to the bond payments <br />for the Gary Street elevated water tower and water treatment facility. <br /> <br />Passed and adopted by the City Council of the City of Elk River this 22nd day <br />of January, 1996. <br /> <br />Henry A. Duitsman, Mayor <br /> <br />ATTEST: <br /> <br />Sandra A. Thackeray, City Clerk <br /> <br /> <br />