Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />THE CITY COUNCIL <br />FOR THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />RESOLUTION NO. 86-41 <br /> <br />A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR <br />TAX INCREMENT FINANCING DISTRICT NO.3, ESTABLISHING TAX <br />INCREMENT FINANCING DISTRICT NO.3, AND DIRECTING CITY STAFF TO <br />IMPLEMENT TAX INCREMENT FINANCING DISTRICT NO.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 (Minnesota Statutes, sections 273.71- <br />273.77) hereby finds, determines, and resolves as follows: <br /> <br />FINDINGS <br /> <br />1. That Development District No.1 was designated as a <br />municipal development district pursuant to Minnesota Statutes, <br />Chapter 472A and that the Development Program for Development <br />District No. 1 was approved by resolution of the City Council <br />for the City of Elk River dated April 1, 1985, and amended by <br />resolution of the City Council of the City of Elk River dated <br />January 27, 1986. <br /> <br />2. That the Tax Increment Financing Plan for Tax <br />Increment Financing District No. 1 was approved and that Tax <br />Increment Financing District No. 1 was established pursuant to <br />Minnesota Statutes, Sections 273.71-273.78 by resolution of the <br />City Council of the City of Elk River dated April 1, 1985, and <br />amended by resolution of the City Council of the City of Elk <br />River dated January 27, 1986. <br /> <br />3. That Development District No. 1 and Tax Increment <br />Financing District No. 1 have been implemented, Tax Increment <br />Financing Bonds have been sold and construction of required <br />water service facilities has begun, all pursuant to the <br />Development Program for Development District No.1, as amended, <br />the Tax Increment Financing Plan for Tax Increment Financing <br />District No.1, as amended, and relevant Minnesota statutes. <br /> <br />4. That the Development Program and the Tax Increment <br />Financing Plan for Tax Increment Financing District No. 1 <br />anticipate and provide for the adoption of additional Tax <br />Increment Financing Plans and establishment of additional Tax <br />Increment Financing Districts to assist in the financing of the <br />required water service facilities as new development attracted <br />by construction of the required water facilities occurs. <br /> <br />5. That reimplementation of Development District No. 1 <br />and Tax Increment Financing District No. 1 and construction of <br />