95-062 RES
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RESOLUTION 95 -..6L.
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION FOR THE CITY OF ELK RIVER RELATING TO THE
ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT
NO. 13 AND THE ADOPTION AND APPROVAL OF THE TAX
INCREMENT FINANCING PLAN RELATED THERETO, LOCATED
WITHIN DEVELOPMENT DISTRICT NO.1
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BE IT RESOLVED by the City Council (the Council) of the City of Elk
River, Minnesota (the City), as follows:
Section 1. - Recitals.
1.01. It has been proposed and adopted by the Economic Development
Authority for the City of Elk River, Minnesota (the EDA) that the EDA
establish Tax Increment Financing District No. 13 within Development
District No.1 pursuant to and in accordance with Minnesota Statutes.
1.02. The EDA has caused to be prepared, and this Council has
investigated the facts with respect thereto, a proposed Tax Increment
Financing Plan for Tax Increment Financing District No. 13 (the Plan).
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1.03. The EDA and the City have performed all actions required by
law to be performed prior to the establishment of Tax Increment Financing
District No. 13 and the adoption of the Plan relating thereto.
1.04. The Council hereby determines that it is necessary and in the
best interest of the City at this time to establish Tax Increment Financing
District No. 13 and the adoption of the Plan relating thereto.
Section 2. - Findings for the Establishment ofTro.:: Increment
Financing District No. 13.
2.01. The Council hereby finds, determines, and declares that t.he
establishment of Tax Increment Financing District No. 13 located within
Development District No.1 is intended and, in the judgment of this Council,
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. 13.
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2.02. The Council further finds, determines, and declares that Tax
Increment Financing District No. 13 qualifies as an Economic Development
District pursuant to Minnesota Statutes, Section 469.174, Subdivision 12.
2.03. The Council further finds, determines, and declares that the
proposed development, in the opinion of the Council, 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 Council further finds, determines, and declares that the
increased market value of Tax Increment Financing District No. 13 that
could reasonably be expected to occur without the use of tax increment
financing would be less than the increase in the market value estimated to
resuJt from the proposed development after subtracting the present value of
the projected tax increments for the maximum duration of Tax Increment
Financing District No. 13 permitted by the Tax Increment Financing Plan for
Tax Increment Financing District No. 13.
2.05. The Council further finds, determines, and declares that the
proposed Plan for Tax Increment Financing District No. 13 conforms to the
Comprehensive Plan of the City.
2.06. The Council further finds, determines, and declares that the
proposed Plan for Tax Increment Financing District No. 13 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.
2.07. The Council determines and declares that Tax Increment
Financing District No. 13 located within Development District No.1 is
hereby established.
Section 3. - Local Government AidJHACA Reduction
In accordance with the laws of Minnesota for 1995, Chapter 264,
Article 5, the City of Elk River and the EDA accept the option of making a
qualifying local contribution in lieu of a Local Government AidlHACA
reduction associated with the establishment of Tax Increment Financing
District No. 13.
Section 4. - Adoption of the Plan.
The Plan presented to the Council 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 City Administrator and Assistant City Administrator are
authorized and directed to proceed with the implementation of this Plan, and
for this purpose, to negotiate, draft, prepare, and present to the Council for
its consideration, all future plans, resolutions, documents, and contracts
necessary for this purpose.
Adopted by the City Council of the City of Elk River, Minnesota, this 18th
e day of September, 1995.
ATTEST:
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Sandra A. Thackeray, City Clerk /'
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