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operations to another state or municipality; or <br />(2) it will result in increased employment in the state; or <br />(3) it will result in preservation and enhancement of the tax base of the state. <br /> <br />Subd. 4c. Economic development districts. (a) Revenue derived from tax increment from an <br />economic development district may not be used to provide improvements, loans, subsidies, <br />grants, interest rate subsidies, or assistance in any form to developments consisting of <br />buildings and ancillary facilities, if more than 15 percent of the buildings and facilities <br />(determined on the basis of square footage) are used for a purpose other than: <br /> <br />(I) the manufacturing or production of tangible personal property, including processing <br /> resulting in the change in condition of the property; <br />(2) warehousing, storage, and distribution of tangible personal property, excluding retail <br /> sales; <br />(3) research and development related to the activities listed in clause (1) or (2); <br />(4) telemarketing if that activity is the exclusive use of the property; <br />(5) tourism facilities; or <br />(6) space necessary for and related to the activities listed in clause (1) to (5). <br /> <br />The parcel has been investigated by City staff and consultants and District No. 21 has been found <br />to meet all requirements of an economic development district. Data on file regarding the <br />qualifications of the economic development tax increment financing district. <br /> <br />o <br /> <br />.° <br /> <br />District No. 21 consists of 1 parcel. <br />District No. 21 does not meet the requirements of any other Tax Increment Financing <br />District. <br />District No. 21 will discourage commerce, industry, or manufacturing from moving their <br />operations to another state or municipality. <br />District No. 21 will result in increased employment in the state. <br />District No. 21 will result in preservation and enhancement of the tax base of the state. <br />The facility will qualify specifically under Subd. 4c. (1), (2), (3), and (6), as indicated in <br />Section E of this Plan, as approximately ninety percent of its square footage will be used <br />for manufacturing purposes. <br /> <br />F. PROPERTY TO BE ACQUIRED <br /> <br />The Developer will acquire all parcels within District No. 21. It is anticipated that the city of Elk <br />river will enter into an agreement to reimburse the developer for all or part of the costs associated <br />with the purchase of the property. <br /> <br />Tax Increment F'mancing Dis~ict No. 21 Page II-3 <br /> <br /> <br />