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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 87- 84 <br /> <br />RESOLUTION OF THE CITY OF ELK RIVER <br /> <br />RESOLUTION AUTHORIZING A TEMPORARY LOAN FROM THE MSA CAPITAL <br />PROJECTS FUND TO THE INDUSTRIAL PARK IMPROVEMENT PROJECT FUND <br /> <br />WHEREAS, Industrial Park improvements are being constructed to <br />increase the City's tax base and to provide employment <br />opportunities by promoting and encouraging industrial <br />development; and, <br /> <br />WHEREAS, Minnesota State Aid Funds of approximately $177,000.00 <br />are available through the MSA Capital Projects Fund to <br />help finance this project; and, <br /> <br />WHEREAS, Tax Increment income will be available in future years <br />to repay the MSA Capital Projects Fund. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Elk River that a temporary loan of $177,000.00 be <br />made to the Industrial Park Improvement Project Fund <br />from the MSA Capital Projects Fund to be repaid by <br />excess increment income generated by TIF Districts 1 <br />and 3. <br /> <br />Passed and adopted this 21st day of December, 1987, by the City <br />Council of the City of Elk River. <br /> <br />atzl/~ ~~~ /4u ~-1Y- <br /> <br />Estelle E. Gunkel, Mayor <br /> <br />ATTEST: <br /> <br />~~ j;? ~-t4-- <br /> <br />Patrick D. Klaers; City Administrator <br />