5.1. PCSR 08-24-2004 - Laserfiche WebLink

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SECTION II- TAX INCREMENT FINANCING PLAN FOR DOWNTOWN PHASE I TAX INCREMENT FINANCING DISTRICT NO. 22 Subsection 2-1. Foreword The City of Elk River(the"City"),staff and consultants have prepared the following information to expedite the establishment of Downtown Phase I Tax Increment Financing District No. 22 (the "District"), a redevelopment tax increment financing district, located in Development District No. 1. Subsection 2-2. Statutory Authority Within the City, there exists areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the City has certain statutory powers pursuant to Minnesota Statutes ("MS.'), Sections 469.124 to 469.134, inclusive, as amended, and MS., Sections 469.174 to 469.1799, inclusive,as amended(the "Tax Increment Financing Act"or"TIF Act"),to assist in financing public costs related to this project. This section contains the Tax Increment Financing Plan (the "TIF Plan") for Downtown Phase I Tax Increment Financing District No. 22. Other relevant information is contained in the Modification to the Development Program for Development District No. 1. Subsection 2-3. Statement of Objectives The District currently consists of 6 parcels of land and adjacent and internal abutting roadways. The District is being created to facilitate the redevelopment of the area, which includes a four story building with approximately 10,000 square feet of commercial space and 52 for-sale residential units and a three story building with approximately 10,000 square feet of commercial space and 32 rental housing units in the City of Elk River. See the Project Description in Appendix A for more detail. Contracts for this have not been entered into at the time of preparation of this TIF Plan,but development is likely to occur in 2005. This TIF Plan is expected to achieve many of the objectives outlined in the Development Program for Development District No. 1. The activities contemplated in the Modification to the Development Program and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of Development District No. 1 and the District. Subsection 2-4. Development Program Overview 1. Property to be Acquired- Selected property located within the District may be acquired by the City and is further described in this TIF Plan. 2. Relocation - Relocation services, to the extent required by law, are available pursuant to MS., Chapter 117 and other relevant state and federal laws. 3. Upon approval of a developer's plan relating to the project and completion of the necessary legal requirements,the City may sell to a developer selected properties that it may acquire within the District or may lease land or facilities to a developer. 4. The City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public streets work within the District. City of Elk River Tax Increment Financing Plan for Downtown Phase I Tax Increment Financing District No.22 2-I