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• Subd. 12. "Economic Development district" means a type of tax increment financing district <br /> which consists of any project, or portions of a project, not meeting the requirements <br /> found in the definition of redevelopment district, renewal and renovation district, soils <br /> condition district, mined underground space development district, or housing district, <br /> but which the City finds to be in the public interest because: <br /> (1) it will discourage commerce, industry, or manufacturing from moving their <br /> 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 /> 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 /> (1) 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 /> • 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 /> 1. District No. 21 consists of 1 parcel. <br /> 2. District No. 21 does not meet the requirements of any other Tax Increment Financing <br /> District. <br /> 3. District No. 21 will discourage commerce,industry, or manufacturing from moving their <br /> operations to another state or municipality. <br /> 4. District No. 21 will result in increased employment in the state. <br /> 5. District No. 21 will result in preservation and enhancement of the tax base of the state. <br /> 6. 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 /> F. PROPERTY TO BE ACQUIRED <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 Financing District No.21 Page 11-3 <br />