RES 07-01 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION 07-01
RESOLUTION APPROVING THE DECERTIFICATION OF TAX
INCREMENT FINANCING DISTRICT NO. I S WITHIN DEVELOPMENT
DISTRICT NO. I IN THE CITY OF ELK RIVER
WHEREAS, on June 10, 1996 the Elk River Economic Development Authority (the
"Authority") created its Tax Increment Financing District No. 15., (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 or defeased and all other costs of the
Project have been paid; and
WHEREAS, the Tax Increment Financing plan adopted on June 10, 1996 for Tax
Increment Financing District No. 15 requires,pursuant to M.S. 469.176, Subd.1, that the
duration of the Tax Increment Financing District 15 will be eight years after the date of
receipt by the City of the first tax incrementd or ten years from approval of the tax increment
• financing plan,whichever is less; an
WHEREAS, the continuance of TIF District No. 15 serves no public or private purpose;
and
WHEREAS, the Authority 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 July 3, 2007,
NOW THEREFORE,BE IT RESOLVED by the Board of Commissioners of the Elk
River Economic Development Authority 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 Authority.
DATED: April 9, 2007 P
41.-
410 A. . ongoll, ident
KITES :
• Allede Ade"
Catherine Mehelich, Executive Director
C:\Documents and Settings\tallard\Local Settings\Temporary Internet Files\OLKF\DECERT.DOC