97-125 RESRESOLUTION 97- ~2s
CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION DECERTIFYING TAX INCREMENT FINANCING
DISTRICT NO. 8 LYING WITHIN DEVELOPMENT DISTRICT NO. 1
IN THE CITY OF ELK RIVER
BE IT RESOLVED, by the City Council of the City of Elk River, Minnesota
as follows:
WHEREAS, the City created Tax Increment Financing District No. 8 in
1990; and,
WHEREAS, TIF District No. 8 was utilized as a financing mechanism to
facilitate a redevelopment project in downtown Elk River; and,
WHEREAS,
all funds identified within the Tax Increment Financing Plan
for Tax Increment Financing District No. 8 have been
expended; and,
WHEREAS,
Tax Increment Financing District No. 8 accomphshed the
objectives as set forth within the Tax Increment Financing
Plan for Tax Increment Financing District No. 8 and the
Development Program for Development District No. 1; and,
WHEREAS,
the redevelopment project facilitated through the use of tax
increment dollars generated from Tax Increment Financing
District No. 8 has created and sustained substantial
employment and tax base within the City of Elk River, School
District 728, and Sherburne County; and,
WHEREAS,
the tax revenues generated from properties within Tax
Increment Financing District No. 8 would not be available on
January 1, 1998, because the project would not have been
completed without utilization of Tax Increment Financing;
and,
VVHEREAS, redistribution of these tax revenues in 1998, based upon 1997
taxes payable, will be approximately as follows:
· City of Elk River - $ 4,772
· Sherburne County- $ 4,715
· School District 728 - $12,055
· Miscellaneous Jurisdictions - $ 257
Total $21,799
NOW, THEREFORE, be it resolved by the City Council of the City of Elk
River as follows:
That Tax Increment Financing District No. 8 shall be decertified on
December 31, 1997, for taxes payable 1998; and,
II.
That the City Council of the City of Elk River hereby directs staff to
take steps necessary to decertify Tax Increment Financing District No.
8 including providing notification to Sherburne County and the
Minnesota State Auditors Office.
Passed and adopted by the City Council of the City of Elk River this 15th day
of December, 1997.
/
HenrY A. Duitsman, Mayor
ATTE~:
/Sandra A. Thackeray, City Clerk