RES 11-02Extract 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 August 1, 2011, commencing at or after 5:30 P.M.
The following members were present: Chair Wilson, Commissioners Lieser, Motin
and Toth
and the following were absent: Commissioner Koester
Member Toth introduced the following resolution and moved its adoption:
RESOLUTION NO. 11- 02
RESOLUTION ADOPTING AN AMENDED SPENDING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 16 AND MODIFYIl~TG INTERFUND LOAN RESOLUTION 02-OZ
BE IT RESOLVED By the Board of Commissioners (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.
1.01 Minnesota Statutes, Section 469.176 Subd. 4m, (the "Temporary TIF Authority
Act") was amended by the omnibus technical tax bill (Chapter 112 - HF 1219) signed into law by
Governor Dayton on May 31, 2011 to extend deadlines originally set to expire in 2011.
1.02. The Temporary TIF Authority Act, as amended, authorizes the Authority to spend
available tax increment from any existing tax increment financing district, notwithstanding any
• other law to the contrary, to provide improvements, loans, interest rate subsidies, or assistance in
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any form to private development consisting of construction or substantial rehabilitation of buildings
and ancillary facilities, if the following conditions exist:
(1) Such assistance will create or retain jobs in the State of Minnesota, including
construction jobs;
(2) Construction commences before July 1, 2012;
(3) The construction would not have commenced before that date without the
assistance;
(4) Tax increments under the Spending Plan are spent by December 31, 2012; and
(4) The City Council approves a written spending plan (after a duly noticed public
hearing) that specifically authorizes the Authority to take such actions.
1.03. The City Council and the Authority have adopted a spending plan for the following
Tax Increment Financing District No. 16 (the "TIF District"} in accordance with the Temporary TIF
Authority Act (the "Spending Plan") to utilize existing tax increment revenues from the TIF
Districts in order to stimulate construction or rehabilitation of private development in a way that
will also create or retain jobs.
® 1.04. The Authority proposes to amend the Spending Plan to conform to the amendments
to the Temporary TIF Authority Act and authorize the use of tax increments expected to be
generated over the extended period.
1.05. On August 1, 2011, the City Council will hold a public hearing regarding amending
the Spending Plan, for which notice was published in a newspaper of general circulation in the City
at least once, not less than ten days nor more than 30 days prior to the hearing, and at which hearing
all persons were given the opportunity to be heard.
Section 2. Approval of the Amendment to Interfund Loan Resolution and Adoption of
Spending_Plan.
(a) The Spending Plan for the TIF District, as amended, 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 Board hereby recommends approval of the Spending Plan, as amended, by the
City Council following a public hearing.
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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:
and the following voted against:
whereupon said resolution was declared duly passed and adopted.
......_ 4
Stewart Wilson
Chairman
• ATTEST:
Annie Deckert
Director of Economic Development
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t
STATE OF MINNESOTA )
COUNTY OF SHERBIJRNE ) 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 August 1, 2011, 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
an amended spending plan for Tax Increment Financing District No. 16.
WITNESS My hand as Secretary and this 1g~day of August, 2011.
•
-~-.~_.5~--''~'
Secretary
Housing and Redevelopment Authority of the
City of Elk River, Minnesota
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SPENDIl~?G PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 16
(A REDEVELOPMENT DISTRICT)
HOUSING AND REDEVELOPMENT AUTHORITY ADOPTION JUNE 7, 2010,
AS AMENDED, AUGUST 1, 2011
CITY COUNCIL ADOPTION JUNE 21, 2010,
AS AMENDED, AUGUST 1, 2011
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SPENDII~TG PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 16
(A REDEVELOPMENT DISTRICT)
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 "Temporary TIF Authority Act").
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, 2012
(or such later date as authorized under the Temporary TIF Authority Act if amended) 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 the Temporary
TIF Authority Act 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.
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• The authority to -spend tax increments pursuant to tlus Spending Plan terminates on
December 31, 2012 (or such later date as authorized under the Temporary TIF Authority Act, if
amended).
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