RES 97-4 RESOLUTION 97 - 4
CITY OF ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION MODIFYING DEVELOPMENT DISTRICT NO. 1 AND
ADOPTING THE DEVELOPMENT PROGRAM THEREFOR;AND
ESTABLISHING WITHIN DEVELOPMENT DISTRICT NO. 1, TAX
INCREMENT FINANCING DISTRICT NO. 17, AND ADOPTING THE
RELATED TAX INCREMENT FINANCING PLAN THEREFOR
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 Development District No. 1
and adopt the Development Program therefor and establish within Development
• District No. 1, Tax Increment Financing District No. 17("District No. 17"), and
adopt the related Tax Increment Financing Plan therefor (collectively, the
"Program" and "Plan"); all 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 Program and Plan
and presented for the Board's consideration.
1.02. The Board has investigated the facts relating to the Program and
Plan and has caused the Program and Plan to be prepared.
1.03. The EDA has performed, or will perform, all actions required by law to
be performed prior to the adoption of the Program and Plan 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. 17, a request for
review of and written comment on the Program and Plan by the City Planning
Commission, and a request that the Council schedule a public hearing on the
Program and Plan upon published notice as required by law.
Section 2. - Findings for the Adoption and Approval of the Program and Plan.
2.01. The Board hereby finds that District No. 17 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 Program and Plan
• 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 proposed development, in the opinion
• of the EDA, would not occur solely through private investment within the
reasonably foreseeable future and that the increased market value on the site that
could reasonably be expected to occur without the use of tax increment financing
would be less than the increase in the market value estimated to result from the
proposed development after subtracting the present value of the projected tax
increment for the maximum duration of District No. 17 permitted by the Tax
Increment Financing Plan, that the Program and Plan will be reviewed by the City
Planning Commission for conformance to the general plan for the development or
redevelopment of the City as a whole; and that the Program and Plan will afford
maximum opportunity consistent with the sound needs of the City as a whole, for
the development of District No. 17 by private enterprise.
2.03. The EDA further finds that the Program and Plan, are 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 Program and Plan, which are hereby incorporated herein.
Section 3. -Approval and Adoption of the Program and Plan.
3.01. Conditioned upon the approval thereof by the City Council following
its public hearing thereon, and conditioned upon approval thereof by the City
Planning Commission, the Program and Plan as presented to the EDA on this date,
are 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 Program and Plan 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 Program and Plan does not constitute approval of any project or a
Development Agreement with any developer.
3.03. Upon approval of the Program and Plan by the City Council and the
Planning Commission, the Executive Director of the EDA is authorized to forward a
copy of the Program and Plan to the Sherburne County Auditor and the Minnesota
Department of Revenue pursuant to Minnesota Statutes, Section 469.175, subd. 2.
Approved by the Board of Commissioners of the Elk River Economic
Development Authority this 8th day of December, 1997.
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_ A. � r
Patrick Dwyer, Presid- t
ATT 8T•
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Paul T. S einman, Executive Director