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City of Elk River, Minnesota City Council Resolution 17 - -iq A Resolution of the City Council of the City of Elk River Designating Certain Buildings within Development District No. I as Structurally Substandard WHEREAS, under Minnesota Statutes, Section 469.174, subd. 10(d), the City of Elk River, Minnesota (the "City") is authorized to deem parcels as occupied by structurally substandard buildings despite prior demolition or removal of the buildings, subject to certain terms and conditions as described in this resolution; and WHEREAS, the City intends to cause demolition of buildings located on the property located in the City identified in Exhibit A (collectively, the "Designated Property"), and may in the future include the Designated Property in a redevelopment or renewal and renovation tax increment financing district as defined in Minnesota Statutes, Sections 469.174, Subd. 10 and Subd. 10a, respectively. BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the "Council"), as follows: 1. The Council has received from LHB, Inc. the "TIF District #24 Elk River, Minnesota Property Condition Assessment Summary Sheet", for inspections on May 5 and May 16, 2017 (the "Inspection Report"), finding that, based on an inspection of the buildings located on the Designated Property, such buildings were determined to be substandard under the definition set forth in the Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "TIF Act"). Based on the Inspection Report and other information available to the Council, the Council finds that the buildings on the Designated Property are structurally substandard to a degree requiring substantial renovation or clearance. 2. After the date of approval of this resolution, the buildings on the Designated Property may be demolished or removed by the City, or such demolition or removal may be financed by the City, or may be undertaken by a developer under a development agreement with the City. 3. The City intends to include Designated Property in one or more redevelopment or renewal and renovation tax increment financing districts pursuant to the TIF Act (the "TIF District"), and to file the request for certification of such district with the Stearns County auditor within 3 years after the date of building demolition on the Designated Property. 4. Upon filing the request for certification of a new tax increment financing district, the City will notify the Stearns County auditor that the original tax capacity of the Designated Property must be adjusted to reflect the greater of (a) the current net tax capacity of the parcel, or (b) the estimated market value of the parcel for the year in which the building was demolished or removed, but applying class rates for the current year, all in accordance with Minnesota Statutes, Section 469.174, subd. 10(d). 5. City staff and consultants are authorized to take any actions necessary to carry out the intent of this resolution. 501550v11SB EL185-52