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v.City of Elk River <br />ver City Council <br />Resolution 18-11 <br />A Resolution of the City Council of the City of Elk River Denying Tax <br />Increment Assistance for Elk Mv9err Lodge & Residential Suites, LLC <br />WHEREAS, the City of Elk River, Minnesota (the "Cite is authorized by Minnesota <br />Statutes, Sections 469.174 to 469.1794 (the "TIF Act's to grant a tax increment assistance in <br />accordance with the TIF Act; <br />WHEREAS, the City has reviewed a proposal by Elk River Lodge & Residential Suites, LLC <br />(the "Developer'D to utilize a portion of the tax increments to be generated by the proposed <br />construction of an approximately 40 -unit rental housing facility (the "Jackson Hills Project") to <br />finance interior and exterior renovations to the Elk River Lodge located within the City (the <br />"Lodge Improvements'D in connection with a conversion to residential rental units; <br />WHEREAS, (i) the Lodge Improvements do not generate tax increments sufficient to <br />finance the requested amount of assistance in the application as a portion of the Lodge <br />Improvements have previously commenced with permits pulled, thus negating incremental <br />value, and (ii) the proposed use of tax increments for the Lodge Improvements does not meet <br />the but -for test under the TIF Act because a portion of the proposed Lodge Improvements are <br />required to bring the Elk River Lodge into compliance with the City's zoning code and <br />construction on a portion of the Lodge Improvements has already commenced; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: <br />The Council denies the Developer's application and declines to provide assistance for <br />the Lodge Improvements. <br />2. This resolution is effective on the date hereof and staff is directed to return any <br />unspent portion of the Developer's deposit for costs after applying such deposit to <br />costs incurred by the City through the date hereof. <br />Passed and adopted this 206 day of February 2018. <br />ut � <br />Tina Allard, City Clerk <br />j J. Dietz, &Zyor <br />rorratt ar <br />MATURE <br />