98-138 RESRESOLUTION 98 - 138
CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION DECERTIFYING TAX INCREMENT FINANCING
DISTRICT NO. 9 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. 9 in
1993; and,
WHEREAS,
TIF District No. 9 was utilized as a financing mechanism to
fund a manufacturing project in the Elk River Industrial Park;
and,
WHEREAS,
the budget within TIF District No. 9 was modified as per State
Statutes by City Council action on December 21, 1998, to allow
additional expenditures for tax increment to occur in 1999;
and,
WHEREAS,
excess tax increment revenues which have been generated will
be expended by December 31, 1999, on public improvements,
administrative costs, and/or land acquisition as identified
within a Modification to the Tax Increment Financing Plan for
Tax Increment Financing District No. 9 adopted December 21,
1998; and,
WHEREAS,
Tax Increment Financing District No. 9 accomplished the
objectives as set forth within the Tax Increment Financing
Plan for Tax Increment Financing District No. 9 and the
Development Program for Development District No. 1; and,
WHEREAS,
the manufacturing project facilitated through the use of tax
increment dollars generated from Tax Increment Financing
District No. 9 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. 9 would not be available on
January 1, 1999, because the project would not have been
completed without utilization of Tax Increment Financing;
and,
WHEREAS, redistribution of these tax revenues in 1999, based upon 1998
taxes payable, will be approximately as follows:
· City of ElkRiver- $ 34,310
· Sherburne County - $ 35,624
· School District 728 - $ 74,022
· Miscellaneous Jurisdictions - $ 1.898
Total $145,854
NOW, THEREFORE, be it resolved by the City Council of the City of Elk
River as follows:
That Tax Increment Financing District No. 9 shall be decertified on
December 31, 1998, for taxes payable 1999; 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.
9 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 21st day
of December, 1998.
ATTEST: