RES 12-02 1111 HOUSING AND RED1VELOPMENT AUTHORITY OF THE
CITY OF ELK RIVER,MINNESOTA
SHERBURNE COUNTY
STA'L'E OF MINNESOTA
RESOLUTION NO. 12-02
RESOLUTION DECERTIFYING
TAX INCREMENT FINANCING DISTRICT NO. 16
BE IT RESOLVED By the Board of Commissioners ("Board") of the Housing and
Redevelopment Authority of the City of Elk River,Minnesota ("Authority") as follows:
Section 1. Recitals.
1.01. 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"), all pursuant to Minnesota Statutes Sections 469.174 to 469.1799 (the "TIF Act"),
Sections 469.001 to 469.047 (the "HRA 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 2°d 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.
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412181v1 JSB EL185-12
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Approved by the Board of Commissioners of the Housing and Redevelopment Authority of
the City of Elk River,Minnesota this 3rd day of December,2012.
ff
'Chair
16.ALALLVIk
Executive Dir-c or
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