RES 04-03 ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF ELK RIVER
S SHERBURNE COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 04-03
RESOLUTION RECOMMENDING A MODIFICATION TO THE DEVELOPMENT
PROGRAM FOR DEVELOPMENT DISTRICT NO. 1, ESTABLISHING DOWNTOWN
PHASE I TAX INCREMENT FINANCING DISTRICT NO.22 THEREIN AND ADOPTING A
TAX INCREMENT FINANCING PLAN THEREFOR.
WHEREAS,it has been recommended by the Board of Commissioners(the"Board")of the Elk River Housing
and Redevelopment Authority (the "HRA") that the City adopt a Modification to the Development Program for
Development District No. 1 (the "Development Program Modification") and establish Downtown Phase I Tax
Increment Financing District No. 22 and adopt a Tax Increment Financing Plan (the "TIF Plan") therefor (the
Development Program Modification and the TIF Plan are referred to collectively herein as the"Program and Plan"),all
pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 to 469.134, and
Sections 469.174 to 469.1799,inclusive,as amended(the"Act"),all as reflected in the Program and Plan and presented
for the Board's consideration; and
WHEREAS,the City has investigated the facts relating to the Program and Plan and has caused the Program
and Plan to be prepared; and
WHEREAS,the City has performed all actions required by law to be performed prior to the adoption of the
Program and Plan. The City has also requested the City Planning Commission to provide for review of and written
comment on the Program d Plan and that the Council schedule a public hearing on the Program and Plan upon
published notice as required anby law.
NOW, THEREFORE,BE IT RESOLVED by the Board as follows:
1. The HRA hereby finds that Downtown Phase I Tax Increment Financing District No.22 is in the public
interest and is a"redevelopment district"under Minnesota Statutes, Section 469.174, Subd. 10(a), and finds that the
adoption of the proposed Program and Plan conforms in all respects to the requirements of the Actand will help fulfill a
need to develop an area of the State of Minnesota which is already built up and that the adoption of the proposed
Program and Plan will help provide employment opportunities,improve the tax base and improve the general economy
of the State and thereby serves a public purpose.
2. The HRA further finds that the Program and Plan will afford maximum opportunity,consistent with the
sound needs for the City as a whole,for the development or redevelopment of the project area by private enterprise in
that the intent is to provide only that public assistance necessary to make the private developments financially feasible.
3. The Program and Plan,as presented to the HRA on this date,are hereby approved and recommended to be
established and adopted by the City Council.
!Approved by the and of Commissioners of the Elk River Housi and Redevelopment Authority
J/
this day of _, 2004. /
Chai Stewart Wilson
ATTEST:
O
NLS cseCi.e.7(
Executive Director, Catherine Mehelich
S:\Downtown Revitalization\TIF\TIF Plan Docs\HRA recommending Res.doc