96-006 RESRESOLUTION 96- 6
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION DIRECTING THAT TAX INCREMENT FINANCING
FUNDS FROM TAX INCREMENT FINANCING DISTRICT NO. 4 BE
APPLIED TO THE COSTS OF THE GARY STREET WATER TOWER
WHEREAS,
the City Council of the City of Elk River, on November 30,
1987, adopted Tax Increment Financing Plan for Tax
Increment Financing District No. 4; and,
WHEREAS,
the City has received certain tax increment funds from Tax
Increment Financing District No. 4; and,
WHEREAS,
the Tax Increment Financing Plan for Tax Increment
Financing District No. 4 indicated that tax increment
generated by the Tax Increment Financing District would be
used to contribute to the cost of improvement to the City's
water supply system and sanitary sewer system, including
the cost of construction of an elevated water tower; and,
WHEREAS,
the City of Elk River issued bonds in 1994 and constructed
an elevated water tower and a water treatment facility on
Gary Street during 1995.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Elk River, as follows:
Ail tax increment received from Tax Increment Financing District No.
4 is hereby designated to be used to contribute to the bond payments
for the Gary Street elevated water tower and water treatment facility.
Passed and adopted by the City Council of the City of Elk River this 22nd day
of January, 1996.
/I~ef A. DUit'sn~an, Mayor
ATTEST:
A. Thackeray, City Clerk
S'an~lra