92-109 RES
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RESOLUTION 92 - 109
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. 11
AND THE ADOPTION AND APPROVAL OF THE TAX INCREMENT FINANCING
PLAN RELATING THERETO, LOCATED WITHIN DEVELOPMENT DISTRICT NO. 1
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 (the EDA) for the City of Elk River,
Minnesota that the EDA establish Tax Increment Financing
District No. 11 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. 11 (the Plan).
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. 11 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. 11 and to
approve the Plan relating thereto.
Section 2. - Findings for the Establishment of Tax
Increment Financinq District No. 11
2.01. The Council hereby finds, determines and declares
that the establishment of Tax Increment Financing District No.
11 located within Development District No. 1 is intended and,
in the judgement 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. 11.
2.02. The Council further finds, determines and
declares that Tax Increment Financing District No. 11 qualifies
as an Economic Development District pursuant to Minnesota
Statutes, Section 469.174, Subdivision 12.
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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 proposed Plan for Tax, Increment Financing
District No. 11 conforms to the Comprehensive Plan of the
City.
2.05. The Council further finds, determines and
declares that the proposed Plan for Tax Increment Financing
District No. 11 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 Council determines and declares that Tax
Increment Financing District No. 11 located within Development
District No. 1 is hereby established.
Section 3. - Adoption of the Plan.
3.01. 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 Finance Director 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 16th day of November, 1992.
ATTEST: