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85-030 RES . . . City Council for the City of Elk River, Minnesota Resolution No. 85~30 A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.2, ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO.2, AND DIRECTING CITY STAFF TO IMPLEMENT TAX INCREMENT FINANCING DISTRICT NO.2. The City Council for the City of Elk River (the City), acting pursuant to its authority under the Minnesota Tax Increment Financing Act (Minn. Stat. ~~ 273.71 - 273.77) hereby finds, determines, and resolves as follows: FINDINGS 1. That there is a need to provide housing opportunities within the City for moderate income elderly persons to serve the elderly residents of the City and surrounding areas of Sherburne County. 2. That the construction of such housing is not feasible without public intervention and assistance. 3. That the only means available to the City to provide public assistance for the construction of such housing is through tax increment financing. 4. That it is therefore necessary, desirable, and in the public interest to designate, establish, develop and administer a Housing Tax Increment Financing District in the City pursuant to the Minnesota Tax Increment Financing Act. 5. That the purpose of the Tax Increment Financing District will be to provide a means for assisting in the financing of certain public improvements and costs necessary for the construction of the needed elderly housing to proceed, which costs could not be met and improvements not made without tax increment financing. 6. That a proposed Tax Increment Financing Plan (TIF Plan) has been prepared by City staff and consultants in response to the proposal for development of an elderly housing project known as Evans Park. 7. That the TIF Plan proposes designating the Property on which the Evans Park Project will be constructed as a housing tax increment financing district to be known as Tax Increment Financing District No.2 (TIF District No.2). . . . 8. That TIF District No. 2 is a Housing Tax Increment Financing District pursuant to Minnesota Statutes S 273.73, Subd. 11. A. TIF District No.2 is located wholly within the City's Development District No.1. B. Development District No. 1 has been duly created and the Development Program for Development District No. 1 duly adopted by the City Council pursuant to the provisions of Minnesota Statutes Chapter 472A. C. The Evans Park Project to.be constructed in TIF District No.2 is intended for occupancy, in part, by persons or families of low and moderate income, as defined in Chapter 462A, Title II of the National Housing Act of 1934, the National Housing Act of 1959, the United States Housing Act of 1937, as amended, Title V of the Housing Act of 1949, as amended, any other similar present or future federal, state, or municipal legislation, or the regulations promulgated under any of those acts. 9. That the Evans Park Elderly Housing Project to be constructed within TIF District No.2, in the opinion of the City Council, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and therefore the use of Tax Increment Financing is necessary. A. Construction of the Evans Park Project is not financially feasible without long term financing assistance from the Minnesota Housing Finance Agency. B. The Minnesota Housing Finance Agency requires municipal participation and assistance to elderly housing projects before MHFA financing will be made available. C. Creation of TIF District No. 2 and capture of the tax increment generated by development in,.the district is the only available means of providing municipal assistance and financing the public improvements necessary for development of the Evans Park Elderly Housing Project to occur within TIF District No.1. 10. Th~t the TIF Plan for TIF District No. 2 is consistent with and conforms to the Comprehensive Plan for the development of the City as a whole and to the City's adopted Land Use Plan. A. The TIF Plan is consistent with and conforms to the City's Comprehensive Plan and Land Use Plan by: (i) Encouraging desirable development of land within the City; (ii) Increasing employment opportunities in the City; 2. . . . . . (iii) Increasing the tax base of the City; (iv) Encouraging orderly planning and housing construction. B. The TIF Plan has been submitted to and reviewed by the City's Planning Commission which has found that the TIP Plan conforms to the City's Comprehensive and Land Use Plans. C. The TIF Plan does not conflict with any other known private proposals or other public projects. 11. That the TIF Plan for TIF District No. 2 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development by private enterprise. A. The TIF Plan identifies development by private enterprise as a specific objective of TIF District No.2. B. The proposal for development of the Evans Park Project within TIF District No. 2 is by private enterprise. C. The City has no intent to develop any portion of TIF District No. 2 and anticipates that all development will be by private enterprise. 12. That the TIF Plan for TIF District No.2 prepared by City staff and consultants adequately and accurately sets forth the goals, objectives, and other details regarding TIF District No.2. 13. That the TIP Plan has been transmitted by the City to the Sherburne County Board of Commissioners and to the School Board for Independent School District No. 728. 14. That the City has presented to the County Board and the School Boa,rd the City's estimate of the fiscal and economic implications of Tax Increment Financing District No.2. 15. That the County Board and the School Board have presented their written comments on the TIF Plan for TIFDistrict No. 2 to the City. 16. That notice of a Public Hearing on the TIP Plan and on establishment of TIP District No. 2 has been published in the official newspaper of the City, as required by Minnesota Statutes ~ 273.74, Subd. 3. 17. That a Public Hearing on the TIF Plan and on establishment of the TIF District was held before the City Council on July 22, 1985 and that an opportunity to be heard was granted at that time to all residents of the City and all other interested persons. 3. . . . RESOLVED: A. That the City Council of the City of Elk River hereby approves the Tax Increment Financing Plan for Tax Increment Financing District No.2. B. That the City Council of the City of Elk River hereby determines to proceed with Tax Increment Financing and establishes that area of the City designated in the TIF Plan for Tax Increment Financing District No.2 as Tax Increment Financing District No.2. C. That the City Council of the City of Elk River hereby directs its staff and consultants to proceed to take those steps necessary to implement Tax Increment Financing District No.2, including filing of the Tax Increment Financing Plan and this Resolution with the Minnesota Commissioner of Energy, Planning and Development and the Sherburne County Auditor, and requesting the Sherburne County Auditor to certify the original assessed value of the property within Tax Increment Financing District No.2. 4. . ' . The following Resolution was introduced by Councilmember Schuldt and duly seconded by Councilmember Williams The following voted in favor of the Resolution: Mayor Hinkle, Councilmembers Schuldt & Williams . The following were against: 0 The following were absent: 2 Whereupon the Resolution was adopted. ADOPTED: July 22, 1985. ~7" "/ /~~> / ' ~)I'A'~ (:", d..~,,";=/~_, .~/ R1C ard Hinkle, Mayor ATTEST: ~??~~ Thomas R. BUblltZ, Clty d lnlstrator . 5.