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<br />. <br /> <br />CITY COUNCIL <br />FOR THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />RESOLUTION NO. 91- 22 <br /> <br />A RESOLUTION APPROVING THE MODIFICATION OF THE TAX <br />INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICTS <br />NO. 1 AND 3, AND DIRECTING CITY STAFF TO IMPLEMENT THE <br />MODIFICATION OF TAX INCREMENT FINANCING DISTRICTS NO. 1 AND 3. <br /> <br />The City Council for the City of Elk River (the City), <br />acting pursuant to its authority under the Minnesota Tax <br />Increment Financing Act (Minn. Stat. SS 469.174-469.179) hereby <br />finds, determines, and resolves as follows: <br /> <br />FINDINGS <br /> <br />1. That the City has created and established Development <br />District No. 1 in the City pursuant to Minnesota Statutes . <br />Chapter 469. <br /> <br />. <br /> <br />2. That the City has created and established Economic <br />Development Tax Increment Financing Districts No. 1 and 3 in <br />the City pursuant to the Minnesota Tax Increment Financing Act. <br /> <br />3. That the purpose of Development District No. 1 and <br />TIF Districts No. 1 and 3 is to provide a means for financing <br />public improvements and facilities necessary for the City to <br />attract additional business and industrial development and <br />increase employment opportunities in those areas of the City <br />designated for these uses. <br /> <br />4. That the purpose of the modification of the TIF Plans <br />for TIF Districts No. 1 and 3 (the Modification) is to provide <br />supplemental information relating to acquisition by the City of <br />additional property within Development District No.1. <br /> <br />5. That the property proposed to be acquired will be <br />acquired by the City for the purposes set forth in the <br />Modification, which purposes are consistent with the goals and <br />purposes of the Development Program and the TIF plans. <br /> <br />6. That TIF Districts No.1 and 3 are Economic <br />Development Tax Increment Financing Districts pursuant to <br />Minnesota Statutes S 273.73, subd. 12. <br /> <br />. <br /> <br />7. That the Modification of the TIF Plans for TIF <br />Districts No. 1 and 3 has been prepared by City staff and <br />consultants, and reflects the City's intention to use a portion <br />of the tax increment captured in TIF Districts No. 1 and 3 to <br />acquire additional property within Development District No.1. <br />