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4111 <br /> HRA RESOLUTION 92 - 1 <br /> A RESOLUTION FOR THE ELK RIVER HOUSING AND REDEVELOPMENT <br /> AUTHORITY RELATING TO THE ESTABLISHMENT OF TAX INCREMENT <br /> FINANCING DISTRICT NO. 10 AND THE ADOPTION AND APPROVAL <br /> OF THE TAX INCREMENT FINANCING PLAN RELATING THERETO, <br /> LOCATED WITHIN DEVELOPMENT DISTRICT NO. 1 <br /> BE IT RESOLVED by the Elk River Housing and Redevelopment <br /> Authority (HRA) , as follows : <br /> Section 1 . - Recitals . <br /> 1 . 01 . It has been proposed that the HRA establish Tax <br /> Increment Financing District No. 10 within Development District <br /> No. 1 . <br /> 1 . 02 . The HRA has caused to be prepared a proposed Tax <br /> Increment Financing Plan (the Plan) for Tax Increment Financing <br /> District No. 10. <br /> 1 . 03 . The HRA has performed all actions by Minnesota <br /> Statutes to be performed prior to the establishment of Tax <br /> Increment Financing District No. 10 and the adoption of the <br /> Plan relating thereto . <br /> 1 . 04 . The HRA hereby determines that it is necessary <br /> and in the best interest of the City at this time to establish <br /> Tax Increment Financing District No. 10 and to approve the Plan <br /> relating thereto. <br /> Section 2 . - Findings for the Establishment of Tax <br /> Increment Financing District No. 10 <br /> 2 . 01 . The HRA hereby finds, determines and declares <br /> that the establishment of Tax Increment Financing District No. <br /> 10 within Development District No. 1 is intended and, in the <br /> judgement of this HRA, its effects will be, to provide an <br /> impetus for senior housing development and otherwise promote <br /> certain public purposes and accomplish certain objectives as <br /> specified in the Plan for Tax Increment Financing District No. <br /> 10 . <br /> 2 . 02 . The HRA further finds, determines and declares <br /> that Tax Increment Financing District No. 10 qualifies as a <br /> Housing District pursuant to Minnesota Statutes, Section <br /> 469 . 174 , Subdivision 11 . <br /> 2 . 03 . The HRA further finds, determines and declares <br /> 1111 <br /> that the proposed development, in the opinion of the HRA, would <br /> not occur solely through private investment within the <br /> reasonably foreseeable future and, therefore, the use of Tax <br /> Increment Financing is deemed necessary. <br />