7.1. SR 09-03-2013 - Laserfiche WebLink

Home Browse Search

City of Elk River, Minnesota (1) it will discourage commerce, industry, or manufacturing from moving their operations to another state or municipality; (2) it will result in increased employment in the state; or (3) it will result in preservation and enhancement of the tax base of the state. The TIF District qualifies as an economic development district in that the proposed development described in this TIF Plan (see Section I) meets the criteria listed above in (2) and (3). Without establishment of the TIF District, the proposed development would not occur within the City. The proposed development will also result in increased employment and enhancement of the tax base in both the City and the State. Tax increments from an economic development district must be used to provide improvements, loans, subsidies, grants, interest rate subsidies, or other assistance in which at least 85% of the square footage of the facilities to be constructed are used for any of the following purposes: (1) manufacturing or production of tangible personal property, including processing, resulting in the change of the condition of the property; (2) warehousing, storage and distribution of tangible personal property, excluding retail sales; (3) research and development related to the activities listed in (1)or(2)above; (4) telemarketing if that activity is the exclusive use of the property; (5) tourism facilities(see M.S. Section 469.174, Subd. 22); (6) qualified border retail facilities(see M.S. Section 469.176, Subd. 4c);or (7) space necessary for and related to the activities listed in (1)through(6)above. Tax increments from the TIF District will be used to provide financial assistance to the proposed development (see Section I), in which over 85% of the square footage of the facilities to be constructed will be used for manufacturing, warehousing, or research or other purposes as listed in (1), (2), &(3)above. Section F Duration of the TIF District Economic development districts may remain in existence 8 years from the date of receipt by the City of the first tax increment. The City anticipates that the TIF District will remain in existence the maximum duration allowed by law (projected to be through the year 2023). Modifications of this plan (see Section AA)shall not extend these limitations. All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the City. Section G Property to be Included in the TIF District The TIF District is an approximately 10.36-acre area of land located within the Project Area. A map showing the location of the TIF District is shown in Exhibit I. The boundaries and area encompassed by the TIF District are described below: Parcel ID Number Legal Description 75-820-0305 Lot 1, Blk 3 The area encompassed by the TIF District shall also include all street or utility right-of-ways located upon or adjacent to the property described above. SPRINGSTED Page 3