95-093 RES
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RESOLUTION 95-2L-
CITY COUNCIL
CITY OF ELK RIVER
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ELK RIVER
TERMINATING TAX INCREMENT FINANCING DISTRICT NO.2
The City Council of the City of Elk River (the City), acting pursuant to its authority
under the Minnesota Tax Increment Financing Act (Minn. Stat. 469.174 to 469-
179), hereby finds, determines and resolves as follows:
WHEREAS,
the City created Tax Increment Financing District No.2 (TIF
No.2) in July 1985; and,
WHEREAS,
the purposes of TIF No.2 included financing the necessary
public improvements to make possible the development of a 36-
unit apartment complex for moderate income elderly persons;
and,
TIF No.2 has generated sufficient tax increment to meet the
purposes set forth in the TIF Plan fOl' TIF No.2;
e NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe.City of Elk
River as follows:
WHEREAS,
1. That Tax Increment Financing District No.2 shall be
terminated effective December 31, 1995.
2. That the City Council of the City of Elk River hereby
directs staff to proceed to take those steps necessary to
terminate TIF No.2.
This Resolution adopted this 21st day of December, 1995.
ATTEST:
Sandra A. Thackeray, City Clerk
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s:cocument/resoluti/tifno2