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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> CITY OF ELK RIVER <br /> S SHERBURNE COUNTY <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 04-03 <br /> RESOLUTION RECOMMENDING A MODIFICATION TO THE DEVELOPMENT <br /> PROGRAM FOR DEVELOPMENT DISTRICT NO. 1, ESTABLISHING DOWNTOWN <br /> PHASE I TAX INCREMENT FINANCING DISTRICT NO.22 THEREIN AND ADOPTING A <br /> TAX INCREMENT FINANCING PLAN THEREFOR. <br /> WHEREAS,it has been recommended by the Board of Commissioners(the"Board")of the Elk River Housing <br /> and Redevelopment Authority (the "HRA") that the City adopt a Modification to the Development Program for <br /> Development District No. 1 (the "Development Program Modification") and establish Downtown Phase I Tax <br /> Increment Financing District No. 22 and adopt a Tax Increment Financing Plan (the "TIF Plan") therefor (the <br /> Development Program Modification and the TIF Plan are referred to collectively herein as the"Program and Plan"),all <br /> pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 to 469.134, and <br /> Sections 469.174 to 469.1799,inclusive,as amended(the"Act"),all as reflected in the Program and Plan and presented <br /> for the Board's consideration; and <br /> WHEREAS,the City has investigated the facts relating to the Program and Plan and has caused the Program <br /> and Plan to be prepared; and <br /> WHEREAS,the City has performed all actions required by law to be performed prior to the adoption of the <br /> Program and Plan. The City has also requested the City Planning Commission to provide for review of and written <br /> comment on the Program d Plan and that the Council schedule a public hearing on the Program and Plan upon <br /> published notice as required anby law. <br /> NOW, THEREFORE,BE IT RESOLVED by the Board as follows: <br /> 1. The HRA hereby finds that Downtown Phase I Tax Increment Financing District No.22 is in the public <br /> interest and is a"redevelopment district"under Minnesota Statutes, Section 469.174, Subd. 10(a), and finds that the <br /> adoption of the proposed Program and Plan conforms in all respects to the requirements of the Actand will help fulfill a <br /> need to develop an area of the State of Minnesota which is already built up and that the adoption of the proposed <br /> Program and Plan will help provide employment opportunities,improve the tax base and improve the general economy <br /> of the State and thereby serves a public purpose. <br /> 2. The HRA further finds that the Program and Plan will afford maximum opportunity,consistent with the <br /> sound needs for the City as a whole,for the development or redevelopment of the project area by private enterprise in <br /> that the intent is to provide only that public assistance necessary to make the private developments financially feasible. <br /> 3. The Program and Plan,as presented to the HRA on this date,are hereby approved and recommended to be <br /> established and adopted by the City Council. <br /> !Approved by the and of Commissioners of the Elk River Housi and Redevelopment Authority <br /> J/ <br /> this day of _, 2004. / <br /> Chai Stewart Wilson <br /> ATTEST: <br /> O <br /> NLS cseCi.e.7( <br /> Executive Director, Catherine Mehelich <br /> S:\Downtown Revitalization\TIF\TIF Plan Docs\HRA recommending Res.doc <br />