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RESOLUTION 97 - <br /> ill <br /> CITY OF ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> CITY OF ELK RIVER <br /> COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> RESOLUTION MODIFYING DEVELOPMENT DISTRICT NO. 1 AND <br /> ADOPTING THE DEVELOPMENT PROGRAM THEREFOR; AND <br /> ESTABLISHING WITHIN DEVELOPMENT DISTRICT NO. 1, TAX <br /> INCREMENT FINANCING DISTRICT NO. 17,AND ADOPTING THE <br /> RELATED TAX INCREMENT FINANCING PLAN THEREFOR <br /> BE IT RESOLVED by the Board of Commissioners (the "Board") of the City <br /> of Elk River Economic Development Authority ("EDA") of the City of Elk <br /> River, Minnesota ("City") as follows: <br /> Section 1. - Recitals. <br /> 1.01. It has been proposed that the EDA modify Development District No. 1 <br /> and adopt the Development Program therefor and establish within Development <br /> • District No. 1, Tax Increment Financing District No. 17 ("District No. 17"), and <br /> adopt the related Tax Increment Financing Plan therefor (collectively, the <br /> "Program" and"Plan"); all pursuant to and in conformity with existing law, <br /> including Minnesota Statutes, Sections 469.090 through 469.1081 and 469.174 <br /> through 469.179, inclusive, as amended, all as reflected in the Program and Plan <br /> and presented for the Board's consideration. <br /> 1.02. The Board has investigated the facts relating to the Program and <br /> Plan and has caused the Program and Plan to be prepared. <br /> 1.03. The EDA has performed, or will perform, all actions required by law to <br /> be performed prior to the adoption of the Program and Plan by the City, including, <br /> but not limited to, notification of Sherburne County and School District No. 728 <br /> having taxing jurisdiction over the property included in District No. 17, a request for <br /> review of and written comment on the Program and Plan by the City Planning <br /> Commission, and a request that the Council schedule a public hearing on the <br /> Program and Plan upon published notice as required by law. <br /> Section 2. - A <br /> Findings for the Adoption and Approval of the Program and Plan. <br /> 2.01. The Board hereby finds that District No. 17 is in the public interest <br /> and is an "Economic Development District" under Minnesota Statutes, Section <br /> 469.174, subd. 12, and finds that the adoption of the proposed Program and Plan <br /> will advance the EDA's and City's objectives of encouraging development within <br /> • Development District No. 1. <br />