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RES 90-5 THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA RESOLUTION NO. 90-5 A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 8, ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 8, AND DIRECTING CITY STAFF TO IMPLEMENT TAX INCREMENT FINANCING DISTRICT NO. 8 The Economic Development Authority (the EDA) for the City of Elk River (the City) acting pursuant to its authority under the Minnesota Tax Increment Financing Act (Minnesota Statutes, Sections 469 . 174, et seq. ) hereby finds, determines and resolves as follows: FINDINGS 1. That City of Elk River Development District No. 1 was designated as a municipal development district pursuant to Minnesota Statutes, Chapter 469 and that the Development Program for Development District No. 1 was approved by resolution of the City Council for the City of Elk River dated April 1, 1985, and amended by resolutions of the City • Council and EDA of the City of Elk River dated January 27, 1986, November 30, 1987, and November 6, 1989 . 2 . That the Development Program for Development District No. 1 anticipates and provides for the adoption of Tax Increment Financing (TIF) Plans and the establishment of Tax Increment Financing Districts to assist in the financing of the public improvements and other public costs necessary to attract and retain new development in the Development District. 3 . That the proposed TIF District No. 8 will be Redevelopment District pursuant to Minnesota Statutes Section 469 . 174, Subd. 10 and conforms the Comprehensive Guide Plans and the Development Program for the Development District. 4 . The City of Elk River Economic Development Authority did find and establish in Resolution 90-4, adopted July 23, 1990, that the conditions exist within proposed TIF District No. 8 to create a Redevelopment District. 5 . That proposed TIF District No. 8 consists of the following properties: i. Parcel No. 1 PID No. 75-405-0130 • ii. Parcel No. 2 PID No. 75-405-0110 6 . That the tax increment financing plan will afford maximum opportunity, consistent with the needs of the City, for the • redevelopment of the project by private enterprise. 7 . That the proposed redevelopment would not be reasonably expected to occur solely through private investment as a result of the need to clear blighted structures . 8 . That a public hearing and notice thereof has been published in the official newspaper of the City and was held and that an opportunity to be heard was granted to all residents of the City and all other interested persons . RESOLVED A. That the EDA of the City of Elk River hereby adopts each and every one of the findings set forth above. B. That the EDA of the City of Elk River hereby finds that conditions exist for the creation of a Redevelopment District pursuant to Minnesota Statutes Section 469 . 174, Subd. 10( 1) . C. That the City Council and the EDA of the City of Elk River hereby establishes that area of the City designated in the TIF Plan for TIF District No. 8 as TIF District No. 8 . D. That the EDA of the City of Elk River hereby directs its • staff and consultants to proceed to take the steps necessary to create and implement TIF District No. 8, including the filing of the TIF Plan and this Resolution with the Minnesota Commissioner of Energy, Planning, and Development and the Sherburne County Auditor, and requesting the Sherburne County Auditor to certify the original assessed value of the property within TIF District No. 8 . The foregoing resolution was introduced by Commissioner Gongoll and duly seconded by Commissioner Dobel The following voted in favor of the resolution: Chairman Tralle, Commissioners Dobel, Dwyer, Holmgren, Schuldt Gongoll and Kropuenske The following voted against: None • 2 . • The following were absent: 411 Whereupon the resolution was a opted August 13, 1990 . James Tralle, President Airg-Ef55zeizji4 *-- //,',:!/ ap_Arl.----- Patrick D. Klaers, Executive Director • 110 3. PKB:GDOs • r i1 RESOLUTION 90 - 5 A RESOLUTION FOR THE CITY OF ELK RIVER A RESOLUTION MODIFYING RESOLUTION 87-63 ESTABLISHING AN ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER WHEREAS , Minnesota Statute 469.090 et sea. (the Statute) authorizes the City of Elk River (the City) to establish an Economic Development Authority pursuant to the procedures and subject to the restrictions set forth therein; and, WHEREAS, on October 7, 1987, the City Council for the City of Elk River adopted Resolution 87-63 creating the City of Elk River Economic Development Authority (the Authority) ; and, WHEREAS, the City Council for the City of Elk River (the City Council) finds that it is in the best ( interest of the City and its residents to expand the Authority to broaden the representation on the Authority. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows : 1 . Commissioners a. The members of the City Council of Elk River shall serve as the Commissioners of the Authority together with two residents of the City of Elk River appointed by the Mayor with the approval of the City Council, to serve "at large" . b. The terms of the Commissioners shall coincide with their term of office as members of the City Council. One of the at large Commissioner' s initial term shall expire on 12/31/91 and the other Commissioner's initial term shall expire on 12/31/93. Thereafter, all at large Commissioners shall serve six ( 6 ) year terms . ik '1 c. Commissioners shall be compensated at the rate of One Hundred Dollars ($100. 00 ) for each full month of service. In addition, Commissioners shall be reimbursed for actual expenses incurred in doing official business of the Authority. The following Resolution was introduced by Councilmember Holmgren and duly seconded by Councilmember Kropuenske . The following voted in favor of the Resolution: Mayor Tralle, Councilmembers Kropuenske, Dobel, Holmgren and Schuldt The following voted against : None The following were absent : None `i WHEREUPON the Resolution was adopted: ADOPTED: February 12, 1990 . James A. Tralle, Mayor ATTEST: _ - Sandra A. Thackeray, / City Clerk