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W. ADMINISTRATION OF DISTRICT AND MAINTENANCE OF THE TAX INCREMENT <br /> <br />ACCO U NT <br /> <br />Administration of District No. 21 will be handled by the City. The tax increment received as a <br />result of increases in the tax capacity of District No. 21 will be maintained in a special fund <br />separate from all other municipal funds and expended only upon sanctioned municipal activities <br />identified in the tax increment financing plan. <br /> <br />X. FINANCIAL REPORTING REQUIREMENTS <br /> <br />Pursuant to the applicable sections of Minnesota Statutes, the City will report on TIF District No. <br />21. <br /> <br />Y. MUNICIPAL APPROVAL <br /> <br />The City of Elk River hereby makes the following findings: <br /> <br />Finding that the Tax Increment Financing District No. 21 is an economic development <br />district as defined in Minnesota Statutest Section 469.174, Subd. 12. <br /> <br />District No. 21 consists of one parcel of property. The District is in the public interest <br />because it will result in increased employment in the State, and it will result in preservation <br />and enhancement of the tax base of the State. <br /> <br />Finding that the proposed development, in the opinion of the City' Council, would not <br />occur solely' through private investment within the reasonably' foreseeable future and that <br />the increased market value of the site that could reasonable be expected to occur without <br />the use of tax increment financing would be less than the increase in the market value <br />estimated to result from the proposed development after subtracting the present value of <br />the projected tax increments for the maximum duration of District No. 21 permitted by' the <br />Tax Increment Financing Plan. <br /> <br />Due to the high cost of development on the parcel, and the cost of financing the proposed <br />improvements, this project is feasible only through assistance, in part, from tax increment <br />financing. <br /> <br />A comparative analysis of estimated market values both with and without establishment of <br />Tax Increment Financing District No. 21 and the use of tax increments has been performed <br />and is presented below. <br /> <br />Tax Incrermnt Financing District No. 21 Page II-10 <br /> <br /> <br />