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W. ADMINISTRATION OF DISTRICT AND MAINTENANCE OF THE TAX INCREMENT <br /> iACCOUNT <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 /> X. FINANCIAL REPORTING REQUIREMENTS <br /> Pursuant to the applicable sections of Minnesota Statutes, the City will report on TIF District No. <br /> 21. <br /> Y. MUNICIPAL APPROVAL <br /> The City of Elk River hereby makes the following findings: <br /> 1. Finding that the Tax Increment Financing District No. 21 is an economic development <br /> district as defined in Minnesota Statutes, Section 469.174, Subd. 12. <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 /> 2. 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 /> 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 /> 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 /> 110 <br /> Tax Increment Financing District No.21 Page II-10 <br />