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City of Elk River, Minnesota <br /> <br />Section J Findings and Need for Tax Increment Financing <br /> <br />In establishing the TIF District, the City makes the following findings: <br /> <br />(1) The TIF District qualifies as a redevelopment district; <br /> <br />See Section E of this document for the reasons and facts supporting this <br />finding. <br /> <br />(2) <br /> <br />The proposed development, in the opinion of the City, would not reasonably be <br />expected to occur solely through private investment within the reasonably <br />foreseeable future, and the increased market value of the site that could <br />reasonably be expected to occur without the use of tax increment would be less <br />than the increase in market value estimated to result from the proposed <br />development after subtracting the present value of the projected tax increments <br />for the maximum duration of the TIF District permitted by the TIF Plan; <br /> <br />The reasons and facts supporting this finding are that the developer has <br />represented to the City that it would not undertake the proposed <br />development without the assistance of tax increment financing. Private <br />investment will not finance these development activities because of <br />prohibitive costs. It is necessary to finance these development activities <br />through the use of tax increment financing so that other development by <br />private enterprise will occur within the Project Area. <br /> <br />A comparative analysis of estimated market values both with and without <br />establishment of the TIF District and the use of tax increments has been <br />performed as described above and is shown in Exhibit V. This analysis <br />indicates that the increase in estimated market value of the proposed <br />development (less the indicated subtractions) exceeds the estimated <br />market value of the site absent the establishment of the TIF District and <br />the use of tax increments. <br /> <br />(3) <br /> <br />The TIF Plan conforms to the general plan for development or redevelopment of <br />the City as a whole; and <br /> <br />The reasons and facts supporting this finding are that the TIF District is <br />properly zoned, and the TIF Plan has been approved by the City Planning <br />Commission and will generally compliment and serve to implement <br />policies adopted in the City's comprehensive plan. <br /> <br />(4) <br /> <br />The TIF Plan will afford maximum opportunity, consistent with the sound needs <br />of the City as a whole, for the development of the Project Area by private <br />enterprise. <br /> <br />The reasons and facts supporting this finding are that the development <br />activities are necessary so that development and redevelopment by <br />private enterprise can occur within the Project Area. <br /> <br />SPRINGSTED Page 5 <br /> <br /> <br />