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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> 4110 COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> RESOLUTION 07-07 <br /> RESOLUTION APPROVING THE DECERTIFICATION OF TAX <br /> INCREMENT FINANCING DISTRICT NO. 20 WITHIN DEVELOPMENT <br /> DISTRICT NO. I IN THE CITY OF ELK RIVER <br /> WHEREAS, on October 6, 1998 the Elk River Economic Development Authority (the <br /> "Authority") created its Tax Increment Financing District No. 20., (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 or defeased and all other costs of the <br /> Project have been paid; and <br /> WHEREAS, the Tax Increment Financing plan adopted on October 6, 1998 for Tax <br /> Increment Financing District No. 20 requires,pursuant to M.S. 469.176, Subd.1, that the <br /> duration of the Tax Increment Financing District 20 will be eight years after the date of <br /> receipt by the City of the first tax increment or ten years from approval of the tax increment <br /> • financing plan,whichever is less;and <br /> WHEREAS, the continuance of TIF District No. 20 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 December 1, 2007, <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 thority. <br /> DATED: October 8, 2007 <br /> a 4 <br /> 40 <br /> Jef' a Go goll,P"lent <br /> ATTEST <br /> • Catherine Mehelich, Executive Director <br />