Laserfiche WebLink
City of Elk River <br />Ver City Council <br />Resolution 207 5 7 <br />A Resolution of the City Council of the City of Elk River Approving <br />Modification to the Tax Increment Financing Plan for Tax Increment <br />Financing (Redevelopment) District No. 24 Within Municipal Development <br />District No. I <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: <br />Section 1. Recitals. <br />1.01 The City has previously established Municipal Development District No. 1 <br />(the "Project Area") and adopted a Development Program (the "Development Program") <br />therefor. The City has also established Tax Increment Financing (Redevelopment) District <br />No. 24 (The Truck Shop Project) (the "TIF District") within the Project Area, and adopted a <br />Tax Increment Financing Plan (the "TIF Plan") therefor. <br />1.02 It has been proposed that the City modify the TIF Plan for the TIF District <br />pursuant to Minnesota Statutes, Section 469.174 to 469.1794, as amended, to modify the <br />budget for the TIF District to increase the amount budgeted for the public costs of <br />land/building acquisition and public improvements and to decrease the amount budgeted <br />for interest. <br />1.03 The City has caused to be prepared the Modification to Tax Increment <br />Financing Plan for Tax Increment Financing (Redevelopment) District No. 24 (The Truck <br />Shop Project) (the "Modification") reflecting the updated budget. <br />1.04 The City has performed all actions required by law to be performed prior to <br />the Modification, including, but not limited to, notification of the Sherburne County <br />Commissioner representing the area of the County in which the TIF District is located, and <br />transmitting a copy of the Modification to Sherburne County (the "County") and <br />Independent School District No. 728 (Elk River) (the "School District"), which have taxing <br />jurisdiction over the property included in the TIF District. <br />1.05 The City held a duly noticed public hearing on the date hereof on the <br />Modification. <br />u Section 2. Finding for the Development Program. It is found and determined <br />that the Development Program for the Development District remains in full force and effect <br />INA <br />TU�� <br />