RES 92-1 4111
HRA RESOLUTION 92 - 1
A RESOLUTION FOR THE ELK RIVER HOUSING AND REDEVELOPMENT
AUTHORITY RELATING TO THE ESTABLISHMENT OF TAX INCREMENT
FINANCING DISTRICT NO. 10 AND THE ADOPTION AND APPROVAL
OF THE TAX INCREMENT FINANCING PLAN RELATING THERETO,
LOCATED WITHIN DEVELOPMENT DISTRICT NO. 1
BE IT RESOLVED by the Elk River Housing and Redevelopment
Authority (HRA) , as follows :
Section 1 . - Recitals .
1 . 01 . It has been proposed that the HRA establish Tax
Increment Financing District No. 10 within Development District
No. 1 .
1 . 02 . The HRA has caused to be prepared a proposed Tax
Increment Financing Plan (the Plan) for Tax Increment Financing
District No. 10.
1 . 03 . The HRA has performed all actions by Minnesota
Statutes to be performed prior to the establishment of Tax
Increment Financing District No. 10 and the adoption of the
Plan relating thereto .
1 . 04 . The HRA hereby determines that it is necessary
and in the best interest of the City at this time to establish
Tax Increment Financing District No. 10 and to approve the Plan
relating thereto.
Section 2 . - Findings for the Establishment of Tax
Increment Financing District No. 10
2 . 01 . The HRA hereby finds, determines and declares
that the establishment of Tax Increment Financing District No.
10 within Development District No. 1 is intended and, in the
judgement of this HRA, its effects will be, to provide an
impetus for senior housing development and otherwise promote
certain public purposes and accomplish certain objectives as
specified in the Plan for Tax Increment Financing District No.
10 .
2 . 02 . The HRA further finds, determines and declares
that Tax Increment Financing District No. 10 qualifies as a
Housing District pursuant to Minnesota Statutes, Section
469 . 174 , Subdivision 11 .
2 . 03 . The HRA further finds, determines and declares
1111
that the proposed development, in the opinion of the HRA, would
not occur solely through private investment within the
reasonably foreseeable future and, therefore, the use of Tax
Increment Financing is deemed necessary.
S2 . 04 . The HRA further finds, determines and declares
the proposed Plan for Tax Increment Financing District No.
10 conforms to the Comprehensive Plan of the City.
2 . 05 . The HRA further finds, determines and declares
that the proposed Plan for Tax Increment Financing District No.
10 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 HRA determines and declares that Tax
Increment Financing District No. 10 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.
10 presented to the HRA 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 HRA, the City Administrator, and
4110 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 HRA for its
consideration all future plans, resolutions, documents and
contracts necessary for this purpose.
Adopted this 25th day of August, 1992 .
'. .,..._4/' -
Richard Hinkle, Chairman
ATTEST: Elk River HRA
/?/-,„,-- /Pi...."4.___
Patrick D. Klaers, Executive Director
Elk River HRA
III