RES 02-02 RESOLUTION 02- 02
A RESOLUTION OF THE ELK RIVER
HOUSING AND REDEVELOPMENT AUTHORITY
A RESOLUTION APPROVING TAX INCREMENT FINANCING
DISTRICT NO. 16 INTERFUND LOAN
WHEREAS, on January 27, 1997, the Housing and Redevelopment Authority in and for
the City of Elk River approved a tax increment financing plan for Tax
Increment Financing District No. 16;and,
WHEREAS, the Housing and Redevelopment Authority purchased three parcels and
provided for all necessary relocation, removal of substandard structures, and
site preparation to facilitate redevelopment to ultimately increase the city's
tax base;and,
WHEREAS, the Housing and Redevelopment Authority, at the time of the adoption of
TIF 16, intended to reimburse itself for all such costs outstanding after the
sale of the property through tax increments generated by the redevelopment
project;and,
• WHEREAS, the redevelopment project is complete and the estimated tax increment
revenue to repay this previously authorized loan has been used to calculate an
estimated amortization schedule for this loan.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Elk River that the TIF 16 interfund loan
authorized at the time of adoption of TIF 16 be adopted based on the
amortization schedule as attached.
Passed and adopted by the Elk River Housing and Redevelopment Authority this 23rd day of
September,2002.
°Irv' Aft
ATTEST: Larry Toth, Chair
„Wielt-ej
Catherine Mehelich, Executive Director