RES 10-32•
Extract of Minutes of Meeting of the
City Council of the City of Elk River, Sherburne County, Mimiesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the CitsT of Elk
River, Minnesota, was duly held in the CitS~ Hall in the City of Elk River, on June 21, 2010,
commencing at or after 6:30 P.M.
The following members were present: Mayor Stephanie Klinzing, Councilmembers Nick
Zerwas, Jerry Gumphrey, Matt Westgaard, and Paul Motin
and the following were absent: none .
Member Motin introduced the following resolution and moved its adoption:
RESOLUTION NO. 10- 32
RESOLUTION APPROVING A SPENDING PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO. 16
BE IT RESOLVED By the City Council (the "City Council") of the City of Elk River,
Sherburne County, Minnesota (the "City") as follows:
Section 1. Background: Findings.
(a) On January 27, 1997, the Housing and Redevelopment Authority of the City of Elk
River, Sherburne County, Minnesota (the "Authority") established Tax Increment Financing District
No. 16 (a Redevelopment District) (the "TIF District") and adopted a tax increment financing plan
therefor (the "TIF Plan").
(b) Pursuant to the TIF Plan the Authority incurred certain costs in connection with the
acquisition of land, removal of substandard structures and site preparation (the "Redevelopment
Costs").
(c) On September 23, 2002 the Authority adopted resolution 02-02 to provide for
repayment of an interfund loan used to finance the Redevelopment Costs (the "Interfund Loan
Resolution").
(d) Subject to the approval of the City Council following a public hearing, the Authority
has adopted a spending plan for the TIF District in accordance with Minnesota Statutes, Section
. 469.176 Subd. 4m in substantially the form submitted to the City (the "Spending Plan") to utilize
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existing tam increment revenues from the TIF District in order to stimulate construction or
rehabilitation of private development in a way that will also create or retain jobs.
(e) The City has performed all actions required by law to be performed prior to the
approval of the Spending Plan, including, but not limited to, causing notice of a public hearing to be
published and holding a public hearing on the date hereof on the adoption of the Spending Plan.
Section 2. Approval of the Spending Plan.
(a) The Spending Plan for the TIF District is hereby approved and adopted in substantially
the form submitted to the City.
(b) The Authority is hereby authorized to carry out the terms of the Spending Plan in
such manner as it determines.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Zerwas ,and upon vote being taken thereon, the following voted in favor thexeof:
Councilmembers Zerwas, Gumphrey, Westgaard, and Motin
and the following voted against: none
whereupon said resolution was declared duly passed and adopted.
Passed and adopted by the City Council of the City of Elk River this 21St day of June, 2010.
Steph nie Klinzing, M
ATTEST:
i/
Tina Allard, City Clerk
Mayor Rlinzing,~
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