RES 98-8 RESOLUTION 98 - 8
• ECONOMIC DEVELOPMENT AUTHORITY
CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION MODIFYING THE BUDGET IN
TAX INCREMENT FINANCING DISTRICT NO. 9
BE IT RESOLVED by the Board of Commissioners (the "Board") of the City
of Elk River Economic Development Authority ("EDA") of the City of Elk
River, Minnesota ("City") as follows:
Section 1. - Recitals.
1.01. It has been proposed that the EDA modify the budget ("Budget
Modification") in Tax Increment Financing District No. 9 ("District No. 9"), pursuant
to and in conformity with existing law, including Minnesota Statutes, Sections
469.090 through 469.1081 and 469.174 through 469.179, inclusive, as amended, all
as reflected in the Budget Modification and presented for the Board's consideration.
• 1.02. The Board has investigated the facts relating to the Budget
Modification and has caused the Budget Modification to be prepared.
1.03. The EDA has performed all actions required by law to be performed
prior to the adoption of the Budget Modification by the City, including, but not
limited to, notification of Sherburne County and School District No. 728 having
taxing jurisdiction over the property included in District No. 9, review of and written
comment on the Budget Modification by the City Planning Commission, and a
request that the Council schedule a public hearing on the Budget Modification upon
published notice as required by law.
Section 2. - Findings for the Adoption and Approval of the Budget
Modification.
2.01. The Board hereby finds that District No. 9 is in the public interest and
is an "Economic Development District" under Minnesota Statutes, Section 469.174,
sub d. 12, and finds that the adoption of the proposed Budget Modification will
advance the EDA's and City's objectives of encouraging development within
Development District No. 1.
2.02. The EDA further finds that the Budget Modification, is intended and,
in the judgment of the EDA, the effect of such actions will be, to provide an impetus
for development in the public purpose and accomplish certain objectives as specified
• in the Budget Modification, which are hereby incorporated herein.
Section 3. -Approval and Adoption of the Budget Modification.
• 3.01. Conditioned upon the approval thereof by the City Council following
its public hearing thereon, the Budget Modification as presented to the EDA on this
date, is hereby approved, established, and adopted.
3.02. The staff, the EDA's advisors and legal counsel are authorized and
directed to proceed with the implementation of the Budget Modification and for this
purpose to negotiate, draft, prepare, and present to this Board for its consideration
all further Plans, Resolutions, Documents, and Contracts necessary for this purpose.
Approval of the Budget Modification does not constitute approval of any project or a
Development Agreement with any developer.
3.03. Upon approval of the Budget Modification by the City Council, the
Executive Director of the EDA is authorized to forward a copy of the Budget
Modification to the Sherburne County Auditor and the Minnesota Department of
Revenue pursuant to Minnesota Statutes, Section 469.175, sub d. 2.
Approved by the Board of Commissioners of the Elk River Economic
Development Authority this 14th day of December, 1998.
14 a b-- :1-----
enry.1Duitsman, President
• ATTES
Pau T. Steinman, Executive Director
•