Laserfiche WebLink
WHEREAS, the Comprehensive Plan and the Planning Study anticipate and provide for <br />the extension of city utilities to the East Elk River Area and the development and redevelopment <br />of underutilized properties within the East Elk River Area; <br /> <br /> WItEREAS, the City of Elk River, by previous action, has designated Municipal <br />Development District No. 1 ("Development District"), which Development District is <br />coterminous with the city limits of the City of Elk River, and has adopted a development program <br />for the Development District ("Development Program"); <br /> <br /> WHEREAS, in accordance with the Comprehensive Plan, the Planning Study and the <br />Development Program the City of Elk River has deemed it advisable to encourage development <br />and redevelopment within the Development District and the East Elk River Area in an effort to <br />increase the tax base of the City of Elk River, provide employment opportunities within the City <br />of Elk River and otherwise benefit the health, safety, morals and welfare of the residents of the <br />City of Elk River, in accordance with the public purpose provisions of applicable state and local <br />laws; <br /> <br /> WHEREAS, the EDA has previously designated, pursuant to the Development Program, <br /> a tax increment financing district known as Tax Increment Financing District No. 19 ("TIF <br /> District 19") consisting of 156.37 acres of land located within the Development District; <br /> <br /> WHEREAS, TIF District 19 qualifies as and is a redevelopment tax increment financing <br /> district established pursuant to the provisions of the Minnesota Tax Increment Financing Act, <br /> Minn. Stat. § 469.174, et. seq. <br /> <br />RostoH 979349.1 2 <br /> <br /> <br />