RES 92-1 EDA RESOLUTION 92 - 1
A RESOLUTION FOR THE ECONOMIC DEVELOPMENT AUTHORITY
FOR THE CITY OF ELK RIVER, MINNESOTA, RELATING TO THE
ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 9
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. 9 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. 9 .
1 .03 . The EDA has performed all actions by Minnesota
Statutes to be performed prior to the establishment of Tax
Increment Financing District No. 9 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. 9 and to approve the Plan
relating thereto.
Section 2 . - Findings for the Establishment of Tax
Increment Financing District No. 9
2 . 01 . The EDA hereby finds, determines and declares
that the establishment of Tax Increment Financing District No.
9 within Development District No. 1 is intended and, in the
judgement 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. 9 .
2 . 02 . The EDA further finds, determines and declares
that Tax Increment Financing District No. 9 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.
9 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.
9 will afford maximum opportunity, consistent of 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. 9 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.
9 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.
The Executive Director of the EDA, the City Administrator, and
• the Finance Director 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 13th day of July, 1992 .
yA!
Je INIo of , -si.ent
ATTEST: El ' i er PA
(-;-46r/X4--
Patrick D. Klaers, Executive Director
Elk River EDA