87-084 RES
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RESOLUTION 87- 84
RESOLUTION OF THE CITY OF ELK RIVER
RESOLUTION AUTHORIZING A TEMPORARY LOAN FROM THE MSA CAPITAL
PROJECTS FUND TO THE INDUSTRIAL PARK IMPROVEMENT PROJECT FUND
WHEREAS, Industrial Park improvements are being constructed to
increase the City's tax base and to provide employment
opportunities by promoting and encouraging industrial
development; and,
WHEREAS, Minnesota State Aid Funds of approximately $177,000.00
are available through the MSA Capital Projects Fund to
help finance this project; and,
WHEREAS, Tax Increment income will be available in future years
to repay the MSA Capital Projects Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Elk River that a temporary loan of $177,000.00 be
made to the Industrial Park Improvement Project Fund
from the MSA Capital Projects Fund to be repaid by
excess increment income generated by TIF Districts 1
and 3.
Passed and adopted this 21st day of December, 1987, by the City
Council of the City of Elk River.
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Estelle E. Gunkel, Mayor
ATTEST:
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Patrick D. Klaers; City Administrator