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HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE <br /> CITY OF ELK RIVER,MINNESOTA <br /> • CITY OF ELK RIVER <br /> SHERBURNE COUNTY <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 14-01 <br /> RESOLUTION RECOMMENDING THE CITY COUNCIL CALL A HEARING <br /> TO MODIFY DEVELOPMENT DISTRICT NO. 1, ESTABLISH TAX <br /> INCREMENT FINANCING DISTRICT NO. 24 THEREIN AND ADOPT A <br /> MODIFICATION TO THE DEVELOPMENT PROGRAM AND ADOPT THE <br /> TAX INCREMENT FINANCING PLAN THEREFOR. <br /> WHEREAS,There is a proposal to modify Development District No. 1,establish Tax Increment <br /> Financing District No.24,adopt a Modification to the Development Program(the"Development Program <br /> Modification"),and adopt the Tax Increment Financing.Plan(the"TIF Plan")therefor(the Development <br /> Program Modification and the TIF Plan are referred to collectively herein as the"Program Modification <br /> and TIF Plan"), all pursuant to and in conformity with applicable law, including Minnesota Statutes, <br /> Sections 469.124 to 469.134,and Sections 469.174 to 469.1794,inclusive,as amended(the"Act");and <br /> WHEREAS, the Housing and Redevelopment Authority in and for the City of Elk River, <br /> Minnesota(the"HRA")has received a report and other information relating to the Program Modification <br /> and TIF Plan and the proposed development of an 84-unit senior living townhome community consisting <br /> 411 of approximately 49 1-bedroom units, 35 2-bedroom units, and a clubhouse activity center (the <br /> `Blackhawk Woods Project"); and <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and <br /> Redevelopment Authority in and for the City of Elk River,Minnesota as follows: <br /> 1. The HRA hereby finds that the Program Modification and TIF Plan and the Blackhawk <br /> Woods Project will increase decent, safe and sanitary affordable housing for seniors in the City and the <br /> state and preserve and enhance the tax base of the City and the state. <br /> 2. The HRA recommends that the City Council call for a public hearing and consider <br /> establishing Tax Increment Financing District No. 24 and adopting the Program Modification and TIF <br /> Plan for the Blackhawk Woods Project. <br /> Approved by the Housing and Redevelopment Authority in and for the City of Elk River, <br /> Minnesota this 3rd day of March, 2014. <br /> ✓gig\-_ <br /> Chair <br /> ATTEST: <br /> • cretary <br /> 432917v1 EL185-22 <br />