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CITY OF ELK RIVER RESOLUTION 10- 52 RESOLUTION APPROVING THE DECERTIFICATION OF TAX INCREMENT FINANCING DISTRICT NO. 21 WITHIN DEVELOPMENT DISTRICT NO. 1 IN THE CITY OF ELK RIVER WHEREAS, on August 28, 2000, the City of Elk River (the "City") created its Tax Increment Financing District No. 21., (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 and all other costs of the Project have been paid; and WHEREAS, the Tax Increment Financing plan adopted on August 28, 2000 for Tax Increment Financing District No. 21 requires, pursuant to M.S. 469.176, Subd.1, that the duration of the Tax Increment Financing District 21 will be eight years after the date of receipt by the City of the first tax increment; and WHEREAS, the first receipt of tax increment was 2002 and eight years after the date of the first receipt of increment is taxes payable 2010; and i WHEREAS, the continuance of TIF District No. 21 serves no public or private purpose; and WHEREAS, the City 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 with taxes payable 2011. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River 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 City. DATED: October 18, 2010 ~ 11 // . / ~ , /f // _ ~; Step~nie Klinziri~;~or ATTEST: 1`-~~ ~~- Tina Allard, City C erk • N:\Public Bodies\City Council\Resolutions\Decertif Resoludon.doc