RES 20-57City of Elk River
Ver City Council
Resolution 207 5 7
A Resolution of the City Council of the City of Elk River Approving
Modification to the Tax Increment Financing Plan for Tax Increment
Financing (Redevelopment) District No. 24 Within Municipal Development
District No. I
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, as follows:
Section 1. Recitals.
1.01 The City has previously established Municipal Development District No. 1
(the "Project Area") and adopted a Development Program (the "Development Program")
therefor. The City has also established Tax Increment Financing (Redevelopment) District
No. 24 (The Truck Shop Project) (the "TIF District") within the Project Area, and adopted a
Tax Increment Financing Plan (the "TIF Plan") therefor.
1.02 It has been proposed that the City modify the TIF Plan for the TIF District
pursuant to Minnesota Statutes, Section 469.174 to 469.1794, as amended, to modify the
budget for the TIF District to increase the amount budgeted for the public costs of
land/building acquisition and public improvements and to decrease the amount budgeted
for interest.
1.03 The City has caused to be prepared the Modification to Tax Increment
Financing Plan for Tax Increment Financing (Redevelopment) District No. 24 (The Truck
Shop Project) (the "Modification") reflecting the updated budget.
1.04 The City has performed all actions required by law to be performed prior to
the Modification, including, but not limited to, notification of the Sherburne County
Commissioner representing the area of the County in which the TIF District is located, and
transmitting a copy of the Modification to Sherburne County (the "County") and
Independent School District No. 728 (Elk River) (the "School District"), which have taxing
jurisdiction over the property included in the TIF District.
1.05 The City held a duly noticed public hearing on the date hereof on the
Modification.
u Section 2. Finding for the Development Program. It is found and determined
that the Development Program for the Development District remains in full force and effect
INA
TU��
and that the goal of the Development Program is to encourage development in accordance
with the general plan of development of the City as a whole. The City hereby reaffirms the
original findings for the Development Plan.
Section 3. Findings for the Modification of the Tax Increment Financing Plan.
The City hereby finds that the Modification is intended and, in the judgment of the City, its
effect will be, to carry out the objectives of the TIF Plan and the Development Program
including, but not limited to, facilitating the demolition of existing blighted buildings,
facilitating the construction of an approximately 7,216 square foot facility to operate a light
maintenance facility for the Beaudry Oil existing fleet, providing necessary public
infrastructure and facilitating future development in the TIF District.
3.01. The Council hereby ratifies and reaffirms the original findings made in
connection with the establishment of the TIF Plan.
3.02. The Council hereby finds that the TIF District, as amended by the
Modification is in the public interest and is a redevelopment district, as defined in Minnesota
Statutes, Section 469.174, Subdivision 10 for the reasons set forth in the original findings
made by the Council in connection with the establishment of the TIF District.
3.03. The Council hereby makes the following additional findings:
(a) The Council further finds that the TIF Plan, as amended by the
Modification, in the opinion of Council, would not occur solely through private
investment within the reasonably foreseeable future and, therefore, the use of tax
increment financing is deemed necessary. The specific basis for such finding being:
The property on which the proposed development will occur would
not be developed in the reasonably foreseeable future. The
demolition and redevelopment costs are higher than for new
development and the costs of the public necessary to enable
development in this area would make development infeasible. The
TIF Plan, as amended by the Modification, will help finance the
public infrastructure necessary for the proposed development.
(b) The Council further finds that the TIF Plan, as amended by the
Modification, conforms to the general plan for the development or redevelopment
of the City as a whole. The specific basis for such finding being:
The TIF Plan, as amended by the Modification, will generally
complement and serve to implement policies adopted in the City's
comprehensive plan. The construction of the development
contemplated is or will be in substantial accordance with the existing
zoning or any permitted exception for the property and is consistent
with other uses in the area.
(c) The Council further finds that the TIF Plan, as amended by the
Modification, will afford maximum opportunity consistent with the sound needs of
p 0 1 E I E I I I
NATURE
the City as a whole for the development of the Development District by private
enterprise. The specific basis for such finding being:
The development proposed to occur within the TIF District will
afford maximum opportunity for the development of the applicable
parcels consistent with the needs of the City and the removal of
blighted buildings and public infrastructure improvements will
increase the potential for future redevelopment. The development
will increase the taxable market valuation of the City. The TIF Plan,
as amended by the Modification, will help finance the infrastructure
necessary for the proposed development.
3.04. The Council further finds that the TIF Plan, as amended by the
Modification, is intended and in the judgment of the Council its effect will be to promote the
public purposes and accomplish the objectives specified therein.
3.05. Reasons and facts supporting all the above findings are set forth in the TIF
Plan, as amended by the Modification, and are incorporated herein by reference.
Section 4. Approval of the Modification to the Tax Increment Financing Plan.
4.01 The Modification is hereby approved and adopted in substantially the form
on file in City Hall.
4.02 The staff of the City is hereby directed to file a copy of the Modification with
the County Auditor of Sherburne County. The staff of the City is also directed to file a copy
of the Modification with the Minnesota Commissioner of Revenue, and the Office of the
State Auditor as required by the TIF Act.
Passed and adopted this 21 day of September 2020.
ATTEST:
Tina Allard, City Clerk
i
141. ietz, M or
P 0 w E 8 E 0 B I
NATUREJ