RES 20-67 - Laserfiche WebLink

Home Browse Search

City of Elk River City Council Resolution 20- U A Resolution of the City Council of the City of Elk River approving a modification to the development program for development district no. I, establishing an economic development tax increment financing district, approving a tax increment financing plan therefor (Shoot Steel, Inc. Project), and authorizing execution of a tax increment development agreement NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: Section 1. Recitals. 1.01 The Council of the City of 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 (Economic Development) District No. 26 (Shoot Steel, Inc. Project) (the "TIF 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. 1.02 The City has performed all actions required by law to be performed prior to the adoption and approval of the Development Program Modification and the TIF Plan, including, but not limited to, delivery of the Development Program Modification and the TIF Plan to the Board of Sherburne County (the "County") and the Board of Independent School District No. 728 (the "School District") and the holding of a public hearing thereon following notice thereof published in the City's official newspaper at least 10 but not more than 30 days prior to the public hearing. 1.03 Certain written reports and other documentation (collectively, the "Reports") relating to the TIF Plan including the tax increment application made and other information supplied by Moyer Properties, LLC, a Minnesota limited liability company (or an affiliate thereof, the "Developer") and Shoot Steel, Inc., a Minnesota corporation (the "Operator"), as to the activities contemplated therein, have heretofore been assembled or prepared by staff or others and submitted to the Council and/or made a part of the City files and proceedings on the TIF Plan. The Reports include data, information and/or substantiation constituting or relating to (1) why the TIF District P o w E n E o 6 r NQTUIR�