RES 10-01i
Extract of Minutes of Meeting of the
Board of Commissioners of the Housing and Redevelopment
Authority of the City of Elk River, Sherburne County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners of
the Housing and Redevelopment Authority of the City of Elk River, Minnesota, was duly held in
the City Hall in the City of Elk River, on June 7, 2010, commencing at or after 5:30 P.M.
The following members were present: Chair Wilson, Commissioners Kuester,
Lieser, Motin and Toth
and the following were absent: None
Member Toth introduced the following resolution and moved its adoption:
RESOLUTION NO. 10-01
RESOLUTION ADOPTING A SPENDING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 16 AND MODIFYING INTERFUND LOAN RESOLUTION 02-02
BE IT RESOLVED By the Board of Commmissioners (the "Board") of the Housing and
Redevelopment Authority of the City of Elk River, Sherburne County, Minnesota (the "Authority")
as follows:
Section 1. Background; Findings.
(a) On January 27, 1997, 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").
•
369515v1 JSB KG400-1
(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) The Authority proposes to adopt a spending plan for the TIF District in
accordance with Minnesota Statutes, Section 469.176 Subd. 4m in substantially the form
submitted to the Authority (the "Spending Plan") to utilize existing tax incre>nent 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 Authority has performed all actions required by law to be performed prior to
the adoption of the Spending Plan, including, but not limited to, causing notice of a public
hearing to be published and requesting that the City Council of the City of Elk River, Minnesota
(the "City") hold a public hearing on June 21, 2010, on the adoption of the Spending Plan.
(f) It is necessary to amend the Interfund Loan Resolution to defer payment of the
interfund loan described therein.
Section 2. Approval of the Amendment to Interfund Loan Resolution and Adoption of
Spending Plan.
(a) The Spending Plan for the TIF District is hereby approved and adopted in
substantially the form submitted to the Authority subject to approval by the City Council after the
public hearing.
(b) The Interfund Loan Resolution is hereby amended to defer payment of the
interfund loan described therein as follows:
(i) There will be no repayments of the interfund loan in 2010 or 2011.
(ii) Repayment of the interfund loan will resume in 2012 and will continue until
the payment in full of the interfund loan or until the expiration of the TIF
District.
369515v1 JSB KG400-1
•
The motion for the adoption of the foregoing resolution was duly seconded by Member
Motin, and upon vote being taken thereon, the following voted in favor thereof:
Chair Wilson, Commissioner Kuester, Lieser, Motin and Toth
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
•
•
369515v1JSB KG400-1
STATE OF MINNESOTA )
COUNTY OF SHERBURNE ) SS.
CITY OF ELK RIVER )
I, the undersigned, being the duly qualified and acting Secretary of the Housing and
Redevelopment Authority of the City of Elk River, Minnesota, do hereby certify that I have
carefully compared the attached and foregoing extract of minutes of a regular meeting of the Board
of Commissioners held on June 21, 2010, with the original thereof on file in my office and the same
is a full, true and complete transcript therefrom insofar as the same relates to the adoption of a
spending plan for Tax Increment Financing District No. 16 and modification of interfund loan
resolution 02-02.
WITNESS My hand as Secretary and this 7th day of June, 2010.
a ~ ~~:
Jean Lieser, Secretary
Housing and Redevelopment Authority of the
City of Elk River, Minnesota
•
369515v1 JSB KG400-1
SPENDING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 16
(A REDEVELOPMENT DISTRICT)
ADOPTED BY HRA JUNE 7, 2010
CITY COUNCIL ADOPTION NNE 21, 2010
•
•
369391v2 JSB KG400-1
SPENDING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 16
(A REDEVELOPMENT DISTRICT)
I. PURPOSE
The Housing and Redevelopment Authority of the City of Elk River, Minnesota (the
"HRA") proposes to adopt a Spending Plan for Tax Increment Financing District No. 16 (a
Redevelopment District) (the "TIF District") in accordance with Minnesota Statutes, Section
469.176 Subd. 4m.
The purpose of the Spending Plan is to develop or redevelop sites, lands or areas within
the City of Elk River, Minnesota (the "City") in conformance with the City's Comprehensive
Plan by using available tax increments from the TIF District to provide improvements, loans,
interest rate subsidies, or assistance in any form to private development consisting of the
construction or substantial rehabilitation of buildings and ancillary facilities, which will create or
retain jobs in this state.
II. PLAN
The HRA is authorized as follows:
(a) To amend resolution 02-02 to defer payment of the interfund loan
described therein.
(b) To use available tax increments from the TIF District to provide
improvements, loans, interest rate subsidies, or assistance in any form to private development
consisting of the construction or substantial rehabilitation of buildings and ancillary facilities for
(i) outpatient medical clinics, (ii) Class I restaurants of at least 50 seats, (iii) green manufacturing
or other renewable energy facilities, and (iv) general light industrial or manufacturing. The
construction or substantial rehabilitation of such facilities must commence before July 1, 2011
(unless otherwise authorized by law) and would not have commenced by such date without the
assistance provided pursuant to this Spending Plan.
(c) To amend the budget set forth in the Tax Increment Financing Plan for the
TIF District as necessary to provide for the assistance authorized by this Spending Plan.
(d) To take any other action necessary and authorized under Minnesota
Statutes, Section 469.176 Subd. 4m in connection with the construction or substantial
rehabilitation of facilities of the type described in Clause (b) above.
The assistance provided pursuant to this Plan shall be subject to Minnesota Statutes,
Sections 116J.993 to 116J.995 (the "Business Subsidy Law"), if applicable, and shall be subject
to the requirement that the recipient create or retain at least 1 full time equivalent jobs (including
construction jobs) for every $25,000 of assistance provided.
369391v3 JSB EL185-12