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• ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> RESOLUTION 08-01 <br /> RESOLUTION APPROVING THE DECERTIFICATION OF TAX INCREMENT <br /> FINANCING DISTRICT NO. 10 WITHIN DEVELOPMENT <br /> DISTRICT NO. 1 IN THE CITY OF ELK RIVER <br /> WHEREAS, on August 25, 1992 the Elk River Housing and Redevelopment Authority <br /> (the "Authority") created its Tax Increment Financing District No. 10., (the "District") within <br /> its Development District No. 1 (the "Project");and <br /> WHEREAS, as of the date hereof all bonds and obligations to which tax increment from <br /> the District had been pledged have been paid in full or defeased and all other costs of the <br /> Project have been paid; and <br /> WHEREAS, the Tax Increment Financing plan adopted on September 8, 1992 for Tax <br /> Increment Financing District No. 10 requires,pursuant to M.S. 469.176, Subd.1, that the <br /> duration of the Tax Increment Financing District 10 will be up to and including the tax <br /> III <br /> collection year of 2009 or until the project debt of$160,000 has been repaid.;and <br /> WHEREAS, the continuance of TIF District No. 10 serves no public or private purpose; <br /> and <br /> WHEREAS, the Authority desires by this resolution to cause the decertification due to its <br /> payment of obligations of the District after which all property taxes generated by property <br /> within the Districts will be distributed in the same manner as all other property taxes <br /> beginning July 1, 2008, <br /> • <br /> NOW THEREFORE,BE IT RESOLVED by the Board of Commissioners of the Elk <br /> River Housing and Redevelopment Authority that the city's staff shall take such action as is <br /> necessary to cause the County Auditor of Sherburne County to decertify the District as a tax <br /> increment district and to no longer remit tax increment from the District to the Authori . <br /> DATED: March 3,2008 , '<.____,,,v' c_41', ii ...,.Th( i 4,4(kr______ <br /> Stewart Wilson, Chair <br /> ATTT: <br /> • Catherine Mehelich,Executive Director <br /> S:\EDA\TIF\Tif1O\TIF10 DECERT RESOL.DOC <br />