RES 96-3 • EDA RESOLUTION 96 - 3
A RESOLUTION FOR THE ECONOMIC DEVELOPMENT AUTHORITY
FOR THE CITY OF ELK RIVER, MINNESOTA, RELATING TO THE
ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 15
AND THE ADOPTION AND APPROVAL OF THE TAX INCREMENT
FINANCING PLAN RELATING THERETO, LOCATED WITHIN
DEVELOPMENT DISTRICT NO. 1
BE IT RESOLVED by the Economic Development Authority for the City of
Elk River, Minnesota (EDA), as follows:
Section 1. - Recitals.
1.01. It has been proposed that the EDA establish Tax Increment
Financing District No. 15 within Development District No. 1.
1.02 The EDA has caused to be prepared a proposed Tax Increment
Financing Plan (the Plan) for Tax Increment Financing District No. 15.
1.03 The EDA has performed all actions by Minnesota Statutes to be
ID performed prior to the establishment of Tax Increment Financing District No.
15 and the adoption of the Plan relating thereto.
1.04 The EDA hereby determines that it is necessary and in the best
interest of the City at this time to establish Tax Increment Financing District
No. 15 and to approve the Plan relating thereto.
Section 2. - Findings for the Establishment of Tax Increment
Financing District No. 15.
2.01 The EDA hereby finds, determines, and declares that the
establishment of Tax Increment Financing District No. 15 within
Development District No. 1 is intended and, in the judgment of this EDA, its
effects will be, to provide an impetus for commercial and industrial
development, increase employment and otherwise promote certain public
purposes and accomplish certain objectives as specified in the Plan for Tax
Increment Financing District No. 15.
2.02 The EDA further finds, determines, and declares that Tax
Increment Financing District No. 15 qualifies as an Economic Development
District pursuant to Minnesota Statutes, Section 469.174, Subdivision 12.
. 2.03 The EDA further finds, determines, and declares that the
proposed development, in the opinion of the EDA, would not occur solely
. through private investment within the reasonably foreseeable future and,
therefore, the use of Tax Increment Financing is deemed necessary.
2.04 The EDA further finds, determines, and declares that the
proposed Plan for Tax Increment Financing District No. 15 conforms to the
Comprehensive Plan of the City.
2.05 The EDA further finds, determines, and declares that the
proposed Plan for Tax Increment Financing District No. 15 will afford
maximum opportunity, consistent with the sound needs of the City as a
whole, for the development or redevelopment of Development District No. 1
by private enterprise.
2.06 The EDA determines and declares that Tax Increment
Financing District No. 15 located within Development District No. 1 is
hereby established.
Section 3. - Adoption of the Plan.
3.01 The Plan for Tax Increment Financing District No. 15 presented
to the EDA on this date, is hereby approved and adopted and shall be placed
• on file in the office of the City Clerk.
Section 4. - Implementation of the Plan.
4.01 The Executive Director of the EDA, the City Administrator, and
the Assistant City Administrator are authorized and directed to proceed with
implementation of the Plan, and for this purpose, to negotiate, draft, and
prepare and present to the EDA for its consideration all future plans,
resolutions, documents, and contracts necessary for this purpose.
Adopted this 17th day of June, 1996.
0.1644
Hi ngoll`%-sident
Elk River IA
ATTEST:
Lori R. Johnson, Acting Executive Director
Elk River EDA