RES 98-9 RESOLUTION 98 - 9
• CITY OF ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION MODIFYING THE BUDGET IN
TAX INCREMENT FINANCING DISTRICT NO. 18
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. 18 ("District No. 18").
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 Board has determined that an administrative Budget
Modification is appropriate, and that a public hearing and notification of Sherburne
County and School District No. 728 are not required.
1.04. The EDA has performed, or will perform, all actions required by law to
be performed prior to the adoption of the Budget Modification by the City.
Section 2. - Findings for the Adoption and Approval of the Budget
Modification.
2.01. The Board hereby finds that District No. 18 is in the public interest
and is an "Economic Development District" under Minnesota Statutes, Section
469.174, subd. 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 judgement 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, 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.
e ry ADuitsman, President
ATTES
Paul Ste'nmann Executive Director
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