6.7. SR 12-21-1998 - Laserfiche WebLink

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WHEREAS, in accordance with the Tax Increment Financing Plan for T[F District 19, the EDA is facilitating the redevelopment of certain real property located within TIF District 19 into a new commercial and industrial development. WHEREAS, the property to be redeveloped within TIF District 19 has been rezoned to accommodate the proposed redevelopment, related land use approvals are scheduled to be acted on within the next thirty (30) days, and the EDA is completing negotiations with the developers on a redevelopment agreement which will provide for redevelopment of over 100 acres of real property located within TIF District 19; WHEREAS, the EDA believes that redevelopment of real property located within TIF District 19 and in the Development District is in the best interests of the City of Elk River and will expand the tax base of the City, will expand the job opportunities available to the residents of the City and its surrounding area, and will otherwise benefit the health, safety, morals, and welfare of the residents of the City, and will satisfy a necessary public purpose in accordance with applicable state and local laws; WHEREAS, the proposed redevelopment, in the opinion of the City, cannot reasonably be expected to occur solely through private investment within the reasonably foreseeable future, and the increased market value of the property to be redeveloped that could reasonably be expected to occur without the use of tax increment would be less than the increase in market value estimated to result from the proposed redevelopment after subtracting the present value of the projected tax increments for the maximum duration of the TIF District; WHEREAS, the proposed redevelopment cannot occur without acquisition of the two properties identified in Exhibits A and B to this resolution; RostoH 979349.1 3