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<br />. <br /> <br />. <br /> <br />. <br /> <br />~ <br /> <br />The City Council for the City of Elk River, Minnesota <br />Resolution No. 86-6 <br /> <br />A RESOLUTION AMENDING THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT <br />NO. 1 AND AMENDING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT <br />FINANCING DISTRICT NO.1. <br /> <br />The City Council for the City of Elk River (the City) acting <br />pursuant to its authority under Minnesota Statutes, Chapter 472A and <br />Sections 273.71 to 273.78, hereby finds, determines and resolves as <br />follows: <br /> <br />FINDINGS <br /> <br />1. That Development District No. 1 was designated as a municipal <br />development district pursuant to Minnesota Statutes Chapter 472A, <br />and the Development Program for Development District No. 1 was <br />approved, by Resolution of the City Council of the City of Elk <br />River dated April 1, 1985. <br /> <br />2. That the Tax Increment Financing Plan for Tax Increment Financing <br />District No. 1 was approved and Tax Increment Financing District <br />No.1 established pursuant to Minnesota Statutes Sections 273.71 <br />- 273.78, by Resolution of the City Council of the City of Elk <br />River dated April 1, 1985. <br /> <br />3. <br /> <br />That Development District No. 1 and Tax Increment Financing <br />District No. 1 have been implemented, tax increment financing <br />bonds have been sold, and construction of required water service <br />facilities has begun, all pursuant to the Development Program for <br />Development District No.1, the Tax Increment Financing Plan for <br />Tax Increment Financing District No.1, and relevant Minnesota <br />Statutes. <br /> <br />4. That the Development Program and the Tax Increment Financing Plan <br />anticipate and provide for the amendment of the Development <br />Program and the Tax Increment Financing Plan, and/or the adoption <br />of additional tax increment financing plans and establishment of <br />additional tax increment financing districts, as new development <br />attracted by construction of the required water facilities <br />occurs. <br /> <br />5. That implementation of Development District No. 1 and Tax <br />Increment Financing District No.1, and construction of the <br />required water service facilities, have attracted new commercial <br />and industrial development to the development district. <br /> <br />6. That development has not occurred on all parcels within Tax <br />Increment Financing District No.1, as anticipated when the Tax <br />Increment Financing Plan was approved and Tax Increment Financing <br />District No. 1 established. <br />