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City of Ok Bever Cott' CouncH Resolution 18-2,;_ A Resolution of the City Council of the City of Elk River Adopting a Modification to the Development Program for Development District No. and Establishing a Tax Increment Financing (Housing) District No. 25 Therein and Adopting a Tax Increment Plan Therefor WHEREAS, the City Council of the City of Elk River (the "City's has heretofore established Development District No. 1 and adopted a Development Program therefor. It has been proposed that the City adopt a Modification to the Development Program (the "Development Program Modification") for Development District No. 1 (the "Development District") and establish Tax Increment Financing District (Housing) No. 25 (the "District") therein and adopt a Tax Increment Financing Plan (the "TIF Plan") therefor (the Development Program Modification and the TIF Plan are referred to collectively herein as the "Program and Plan"); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 to 469.133 and Sections 469.174 to 469.1794, all inclusive, as amended, (the "Act") all as reflected in the Program and Plan, and presented for the Council's consideration; and WHEREAS, the City has investigated the facts relating to the Program and Plan and has caused the Program and Plan to be prepared; and WHEREAS, the City has performed all actions required by law to be performed prior to the establishment of the District and the adoption and approval of the proposed Program and Plan, including, but not limited to, notification of Sherburne County and Independent School District No. 728 (Elk River) having taxing jurisdiction over the property to be included in the District, a review of and written comment on the Program and Plan by the City Planning Commission, and the holding of a public hearing upon published notice as required by law; and WHEREAS, certain written reports (the "Reports") relating to the Program and Plan and to the activities contemplated therein have heretofore been prepared by staff and consultants and submitted to the Council and/or made a part of the City files and proceedings on the Program and Plan. The Reports include data, information and/or substantiation constituting or relating to the basis for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein; and WHEREAS, the City is not modifying the boundaries of Development District No. 1, but is however, modifying the Development Program therefor. ►O1EREI Rr NATURE