6.7. SR 12-21-1998 - Laserfiche WebLink

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WHEREAS, in addition to redevelopment within TIF District 19, the EDA intends to use tax increment generated by TIF No. 19 to assist in the acquisition of land and development of an industrial park/business park immediately south of and adjacent to TIF District 19, which industrial/business park cannot be established without acquisition of the property identified on Exhibit C to this resolution. NOW THEREFORE, be it resolved by the Economic Development Authority in and for the City of Elk River as follows: 1. The acquisition of the real property identified in Exhibits A, B, and C to this resolution is necessary for redevelopment of TIF District 19 and establishment of the proposed industrial/business park south of TIF District 19, and is for a necessary public purpose in that the acquisition of said real property will expand the tax base of the City, expand job opportunities available to the residents of the City and its surrounding area, will provide for the redevelopment of real property currently improved with substandard structures, will provide the impetus for redevelopment within the TIF District and for additional development within the Development District, and will otherwise benefit the health, safety, morals, and welfare of the residents of the City of Elk River. 2. The acquisition of the real property described in Exhibits A, B, and C attached hereto ("Real Property") is for a necessary public purpose in furtherance of the objectives of the TIF plan for TIF District 19 and the Development Program for the Development District. 3. Because redevelopment within TIF District 19 and construction of planned roadway and utility improvements to support this redevelopment is scheduled to begin in early 1999, prior to the time by which court appointed commissioners could reasonably be expected to RostoH 979349.1 4