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RESOLUTION 97 - <br /> <br />CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION DECERTIFYING TAX INCREMENT FINANCING <br />DISTRICT NO. 5 LYING WITHIN DEVELOPMENT DISTRICT NO. 1 <br />IN THE CITY OF ELK RIVER <br /> <br />BE IT RESOLVED, by the City Council of the City of Elk River, Minnesota <br />as follows: <br /> <br />WHEREAS, the City created Tax Increment Financing District No. 5 in <br /> 1988; and, <br /> <br />WHEREAS, <br /> <br />TIF District No. 5 was utilized as a financing mechanism to <br />fund a manufacturing project in the Elk River Industrial Park; <br />and, <br /> <br />WHEREAS, <br /> <br />all funds identified within the Tax Increment Financing Plan <br />for Tax Increment Financing District No. 5 have been <br />expended; and, <br /> <br />WHEREAS, <br /> <br />excess tax increment revenues which have been generated will <br />be expended by December 31, 1997, on public improvements <br />and]or land acquisition as identified within a Modification to <br />the Tax Increment Financing Plan for Tax Increment <br />Financing District No. 5 adopted December 1, 1997; and, <br /> <br />WHEREAS, <br /> <br />Tax Increment Financing District No. 5 accomphshed the <br />objectives as set forth within the Tax Increment Financing <br />Plan for Tax Increment Financing District No. 5 and the <br />Development Program for Development District No. 1; and, <br /> <br />WHEREAS, <br /> <br />the manufacturing project facilitated through the use of tax <br />increment dollars generated from Tax Increment Financing <br />District No. 5 has created and sustained substantial <br />employment and tax base within the City of Elk River, School <br />District 728, and Sherburne County; and, <br /> <br />the tax revenues generated from properties within Tax <br />Increment Financing District No. 5 would not be available on <br />January 1, 1998, because the project would not have been <br /> <br /> <br />