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City of Elk River, Minnesota <br /> Section J Findings and Need for Tax Increment Financing <br /> • In establishing the TIF District, the City makes the following findings: <br /> (1) The TIF District qualifies as a redevelopment district; <br /> See Section E of this document for the reasons and facts supporting this <br /> finding. <br /> (2) The proposed development, in the opinion of the City, would not reasonably be <br /> expected to occur solely through private investment within the reasonably <br /> foreseeable future, and the increased market value of the site that could <br /> reasonably be expected to occur without the use of tax increment would be less <br /> than the increase in market value estimated to result from the proposed <br /> development after subtracting the present value of the projected tax increments <br /> for the maximum duration of the TIF District permitted by the TIF Plan; <br /> The reasons and facts supporting this finding are that the developer has <br /> represented to the City that it would not undertake the proposed <br /> development without the assistance of tax increment financing. Private <br /> investment will not finance these development activities because of <br /> prohibitive costs. It is necessary to finance these development activities <br /> through the use of tax increment financing so that other development by <br /> private enterprise will occur within the Project Area. <br /> A comparative analysis of estimated market values both with and without <br /> establishment of the TIF District and the use of tax increments has been <br /> • performed as described above and is shown in Exhibit V. This analysis <br /> indicates that the increase in estimated market value of the proposed <br /> development (less the indicated subtractions) exceeds the estimated <br /> market value of the site absent the establishment of the TIF District and <br /> the use of tax increments. <br /> (3) The TIF Plan conforms to the general plan for development or redevelopment of <br /> the City as a whole; and <br /> The reasons and facts supporting this finding are that the TIF District is <br /> properly zoned, and the TIF Plan has been approved by the City Planning <br /> Commission and will generally compliment and serve to implement <br /> policies adopted in the City's comprehensive plan. <br /> (4) The TIF Plan will afford maximum opportunity, consistent with the sound needs <br /> of the City as a whole, for the development of the Project Area by private <br /> enterprise. <br /> The reasons and facts supporting this finding are that the development <br /> activities are necessary so that development and redevelopment by <br /> private enterprise can occur within the Project Area. <br /> • <br /> SPRINGSTED Page 5 <br />