RES 12-03 • ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF
ELK RIVER, MINNESOTA
SHERBURNE COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 12-03
RESOLUTION DECERTIFYING
TAX INCREMENT FINANCING DISTRICT NO. 19
BE IT RESOLVED By the Board of Commissioners ("Board") of the Economic
Development Authority of the City of Elk River,Minnesota("Authority") as follows:
Section 1. Recitals.
1.01. The Authority established Tax Increment Financing District No. 19 (the "TIF
District") within Development District No. 1 (the "Project") established by the City of Elk River,
Minnesota (the "City"), all pursuant to Minnesota Statutes Sections 469.174 to 469.179 (the "TIF
Act"), Sections 469.090 to 469.1081 (the "EDA Act") and Sections 469.124 to 469.134 (the
"Development District Act"). The TIF District is a redevelopment district, and is administered and
controlled by the Authority.
• 1.02. While the maximum duration of the TIF District is 25 years after receipt of the first
increment, Section 469.1763, subd. 4(b) of the TIF Act requires that the TIF District must be
decertified when outstanding "in district obligations" (i.e., those issued within five years after
certification of the district)have been paid(with certain exceptions not relevant here).
1.03. Upon receipt of tax increments from the 2nd half of 2012, the Authority will have
paid or have received sufficient funds to pay all"in district obligations"or spending permitted under
the TIF Act, so the Authority has determined that is necessary and appropriate to decertify the TIF
District.
Section 2. TIF District Decertified;Filing.
2.01. The TIF District is hereby deemed decertified as of December 31,2012.
2.02. Staff is authorized and directed to transmit a copy of this resolution to Sherburne
County, and to return to the County(for distribution to the City, County, and school district) any tax
increments from the TIF District received by the Authority which remain after paying all remaining
obligations and expenditures authorized under the TIF Act, including but not limited to
administrative expenses incurred in connection with administering the TIF District and the
obligations thereof.
S
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Approved by the Board of Commissioners of the Economic Development Authority of the
City of Elk River, Minnesota this 8th day of October,2012.
Chair
est:
Executive Director
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