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City of Elk River Ver City Council Resolution 17-94 A Resolution of the City Council of the City of Elk River calling for a public hearing on a modification to the development program for Development District No. I, the establishment of a Tax Increment Financing District No. 24, and the adoption of a Tax Increment Financing Plan therefor WHEREAS, the City of Elk River, Minnesota (the "City") has received a request to provide tax increment financing assistance for certain public costs of a redevelopment project to be acquired, renovated and constructed in the City. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: 1. Public Hearin. This Council shall meet on July 3, 2017, at approximately 6:30 p.m., or as soon thereafter as notice may be given in accordance with Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "TIF Act"), as determined by the City's Economic Development Director, to hold a public hearing on a proposed modification to the Development Program for Development District No. 1 (the "Modification"), proposed establishment of a proposed Tax Increment Financing (Redevelopment) District No. 24 (Beaudry Redevelopment Project) (the "TIF District"), and the proposed adoption of a Tax Increment Financing Plan for the TIF District (the "TIF Plan"), pursuant to Minnesota Statutes, Sections 469.090 to 469.1082, as amended, and the TIF Act. 2. Notice of Public Hearing. Filing of Plans. City staff and consultants are directed and authorized to prepare the Modification and TIF Plan and to forward such documents to the appropriate taxing jurisdictions, including Sherburne County and Independent School District No. 728 (Elk River). The City Clerk is authorized, at the direction of the City's Economic Development Director, to cause notice of the hearing in substantially the form attached as Exhibit A hereto, together with an appropriate map as required by law, to be published at least once in the official newspaper of the City not less than 10, not more than 30, days prior to the public hearing, and to place a copy of the Modification and TIF Plan on file in the City Clerk's office at City Hall and to make such copy available for inspection by the public. 3. Repayment of Interfund Loan. 3.01. Under Section 469.178, Subdivision 7 of the TIF Act, the City is authorized to advance or loan money from any fund from which such advances may be legally made in order to finance expenditures that are eligible to be paid with tax increments under the TIF Act. P 0 W[A`E I I t NA I UR