5.1. HRSR 10-04-2004 - Laserfiche WebLink

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• Subsection 2-5. Description of Property in the District and Property To Be Acquired The District encompasses all property and abutting roadways identified by the parcels listed below. See the map in Appendix B for further information on the location of the District and Appendix C for a description of the property. Parcel Numbers 75-405-0450 75-405-0460 75-404-0140 75-405-0470 75-404-0141 75-405-0310 75-405-0410 75-405-0420 75-405-0430 75-405-0440 The City may acquire any parcel within the District including interior and adjacent street rights of way. Any properties identified for acquisition will be acquired by the City only in order to accomplish one or more of the following:storm sewer improvements;provide land for needed public streets,utilities and facilities;carry out land acquisition,site improvements,clearance and/or development to accomplish the uses and objectives set forth in this plan. The City may acquire property by gift, dedication,condemnation or direct purchase from willing sellers in order to achieve the objectives of this TIF Plan. Such acquisitions will be undertaken • only when there is assurance of funding to finance the acquisition and related costs. Subsection 2-6. Classification of the District The City, in determining the need to create a tax increment financing district in accordance with M.S., Sections 469.174 to 469.1799, as amended, inclusive, find that the District, to be established, is a redevelopment district pursuant to M.S., Section 469.174, Subd. 1 0(a)(1) as defined below: (a) "Redevelopment district"means a type of tax increment financing district consisting of a project, or portions of a project, within which the authority finds by resolution that one or more of the following conditions, reasonably distributed throughout the district, exists: (1) parcels consisting of 70 percent of the area in the district are occupied by buildings,streets, utilities,paved or gravel parking lots or other similar structures and more than 50 percent of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance; (2) The property consists of vacant, unused, underused, inappropriately used, or infrequently used rail yards, rail storage facilities or excessive or vacated railroad rights-of-way; (3) tank facilities,or property whose immediately previous use was for tank facilities,as defined in Section 115C, Subd. 15, if the tank facility: (i) have or had a capacity of more than one million gallons; (ii) are located adjacent to rail facilities; or (iii)have been removed, or are unused, underused, inappropriately used or infrequently • City of Elk River Tax Increment Financing Plan for Downtown Phase I Tax Increment Financing District No.22 2-2