RES 10-52CITY OF ELK RIVER
RESOLUTION 10- 52
RESOLUTION APPROVING THE DECERTIFICATION OF TAX
INCREMENT FINANCING DISTRICT NO. 21 WITHIN DEVELOPMENT
DISTRICT NO. 1 IN THE CITY OF ELK RIVER
WHEREAS, on August 28, 2000, the City of Elk River (the "City") created its Tax
Increment Financing District No. 21., (the "District") within its Development District No. 1
(the "Project"); and
WHEREAS, as of the date hereof all bonds and obligations to which tax increment from
the District had been pledged have been paid in full and all other costs of the Project have
been paid; and
WHEREAS, the Tax Increment Financing plan adopted on August 28, 2000 for Tax
Increment Financing District No. 21 requires, pursuant to M.S. 469.176, Subd.1, that the
duration of the Tax Increment Financing District 21 will be eight years after the date of
receipt by the City of the first tax increment; and
WHEREAS, the first receipt of tax increment was 2002 and eight years after the date of
the first receipt of increment is taxes payable 2010; and
i WHEREAS, the continuance of TIF District No. 21 serves no public or private purpose;
and
WHEREAS, the City desires by this resolution to cause the decertification due to its
payment of obligations of the District after which all property taxes generated by property
within the Districts will be distributed in the same manner as all other property taxes
beginning with taxes payable 2011.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River
that the city's staff shall take such action as is necessary to cause the County Auditor of
Sherburne County to decertify the District as a tax increment district and to no longer remit
tax increment from the District to the City.
DATED: October 18, 2010 ~ 11 // . / ~ , /f // _ ~;
Step~nie Klinziri~;~or
ATTEST:
1`-~~ ~~-
Tina Allard, City C erk
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