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RESOLUTION 96 - 34 <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER RELATING TO THE <br />ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT <br /> NO. 15 AND THE ADOPTION AND APPROVAL OF THE TAX <br /> INCREMENT FINANCING PLAN RELATED THERETO, LOCATED <br /> WITHIN DEVELOPMENT DISTRICT NO. I <br /> <br />BE IT RESOLVED by the City Council (the Council) of the City of Elk <br />River, Minnesota (the City), as follows: <br /> <br />Section 1. - Recitals. <br /> <br /> 1.01. It has been proposed and adopted by the Economic Development <br />Authority for the City of Elk River, Minnesota (the EDA) that the EDA <br />establish Tax Increment Financing District No. 15 within Development <br />District No. I pursuant to and in accordance with Minnesota Statutes. <br /> <br /> 1.02. The EDA has caused to be prepared, and this Council has <br />investigated the facts with respect thereto, a proposed Tax Increment <br />Financing Plan for Tax Increment Financing District No. 15 (the Plan). <br /> <br /> 1.03. The EDA and the City have performed all actions required by <br />law to be performed prior to the establishment of Tax Increment Financing <br />District No. 15 and the adoption of the Plan relating thereto. <br /> <br /> 1.04. The Council hereby determines that it is necessary and in the <br />best interest of the City at this time to establish Tax Increment Financing <br />District No. 15 and the adoption of the Plan relating thereto. <br /> <br /> Section 2. - Findings for the Establishment of Tax Increment <br />Financing District No. 15. <br /> <br /> 2.01. The Council hereby finds, determines, and declares that the <br />establishment of Tax Increment Financing District No. 15 located within <br />Development District No. 1 is intended and, in the judgement of this Council, <br />its effects will be, to provide an impetus for commercial and industrial <br />development, increase employment, and otherwise promote certain public <br />purposes and accomplish certain objectives as specified in the Plan for Tax <br />Increment Financing District No. 15. <br /> <br /> 2.02. The Council further finds, determines, and declares that Tax <br />Increment Financing District No. 15 qualifies as an Economic Development <br />District pursuant to Minnesota Statutes, Section 439.174, Subdivision 12. <br /> <br /> <br />