96-100 RESRESOLUTION 96- lOO
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION MODIFYING TAX INCREMENT FINANCING
DISTRICTS NO. 2 AND NO. 3
WHEREAS, The City has previously adopted Tax Increment Financing
Districts No. 2 and No. 3 and various amendments thereto
including modifications dated December 21, 1995; and
WHEREAS, The City intends to modify the activities to be financed by each
district without increasing the captured net tax capacity to be
retained or increasing the estimated tax increment expenditures
therefore eliminating the need for a formal plan modification as
required by Minnesota Statutes Section 469.175, Subd. 4.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Elk River that the attached Tax Increment Financing Plan modifications for
Tax Increment Financing Districts No. 2 and No. 3 are hereby approved.
Passed and adopted by the City Council of the City of Elk River this 18th day
of November, 199(;.
/Hem'~A. Duitsman, Mayor
ATTEST:
Sandra %acke~e~,-~ity Cler/~
MODIFICATION OF
TAX INCREMENT FINANCING PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO. 2
Section 4, Financial Analysis of the TIF Plan, of Tax Increment Financing
District No. 2 is amended to read:
4.)
Financial Analysis for the TIF Plan
Cost of the Public Development Activities to be Financed:
Infrastructure Improvements
$175,000
MODIFICATION OF
TAX INCREMENT FINANCING PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO. 3
Section 4, Financial Analysis of the TIF Plan, of Tax Increment Financing
District No. 3 is amended to read:
4.) Financial Analysis for the TIF Plan
Cost of the Public Development Activities to be Financed-
Infrastructure Improvements $625,000