4.4. SR 12-21-1995 - Laserfiche WebLink

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EDA) or the Housing and Redevelopment Authority for the City of Elk River (the HRA) to acquire certain property located throughout the Development District. The acquisition of property in support of private development activity will be done in conjunction with other public development activities more thoroughly outlined in 3.b. of this Modification. 3.) Development Activities - a.) Private Development Activity - Development activity within Development District No. 1 includes, but is not limited to those activities within the residential, central commercial, office, highway commercial, and business park and industrial park districts that will help achieve the goals and objectives of the Development Program for the Development District. b.) Public Development Activity - To support the private development activity, the City Council has determined that it is necessary and appropriate to provide assistance through the use of tax increment expenditures authorized by the TIF Plan and Minnesota Statutes. Such assistance includes, but is not limited to, infrastructure improvements, including off -site and on -site infrastructure extensions, acquisition of blighted property, rehabilitation of buildings, demolition of blighted property, site development and site preparation costs, Mississippi Riverfront trail development in the central commercial district, and business park and industrial park initiatives such as infrastructure improvements, site development and site preparation costs, and land acquisition in support of private development activity. The locations of these development activities are indicated on maps attached as Exhibit B -1 through B -5 of this Modification. 4.) Financial Analysis of the TIF District - Cost of the Public Development Activities to be Financed: Business Park and Industrial Park Activities Including, but not limited to, off -site and on -site infrastructure extensions, site