95-086 RES
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RESOL UTIO N 95 - ..8..L
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION MODIFYING AND EXPANDING UPON
RESOLUTION 95-32 RELATING TO THE ESTABLISHMENT OF TAX
INCREMENT FINANCING DISTRICT NO. 12 AND THE ADOPTION
AND APPROVAL OF THE TAX INCREMENT FINANCING PLAN
RELATED THERETO
BE IT RESOLVED by the City Council (the Council) of the City of Elk
River, :Minnesota (the City) that Resolution 95-32 is modified and expanded
upon as follows:
Section 2. - FIndings for the Establishment of Tax Increment
Financine- District No. 12
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2.07. The Council further finds, determines, and declares that the
increased market value of Tax Increment Financing District No. 12 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
result from the proposed development after subtracting the present value of
the projected tax increments for the maximum duration of Tax Increment
Financing District No. 12 permitted by the Tax Increment Financing Plan for
Tax Increment Financing District No. 12.
Section 5. - Local Government AidlHACA 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. 12.
Adopted by the City Council of the City of Elk River, :Minnesota, this 18th
day of December, 1995.
It
ATTEST:
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Sandra A. Thackeray, City Clerk