Laserfiche WebLink
RESOLUTION 98 -136 <br /> <br />CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION DECERTIFYING TAX INCREMENT FINANCING <br />DISTRICT NO. 11 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. 11 in <br /> 1992; and, <br /> <br />WHEREAS, <br /> <br />TIF District No. 11 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. 11 have been <br />expended; and, <br /> <br />WHEREAS, <br /> <br />excess tax increment revenues which have been generated will <br />be returned to the Sherburne County Auditor's office for <br />redistribution in 1999 in the amount of approximately <br />$7,233.82; and, <br /> <br />WHEREAS, <br /> <br />Tax Increment Financing District No. 11 accomphshed the <br />objectives as set forth within the Tax Increment Financing <br />Plan for Tax Increment Financing District No. 11 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. I 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 />WHEREAS, <br /> <br />the tax revenues generated from properties within Tax <br />Increment Financing District No. 11 would not be available on <br />January 1, 1999, because the project would not have been <br />completed without utilization of Tax Increment Financing; <br />and, <br /> <br /> <br />