5.0. EDSR 12-08-1997 - Laserfiche WebLink

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SECTION II. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 17 A. STATUTORY AUTHORITY Within the City of Elk River (the "City") there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the City Council established the Elk River Economic Development Authority (the "Authority"). The City faces various existing land use problems that require corrective action by the City or Authority before development by private enterprise becomes financially feasible or desirable. The Authority and City are authorized to establish a tax increment district pursuant to Minnesota Statutes, Section 469.174 to 469.179, inclusive, as amended, to assist in financing public costs related to this project. Tax increments are derived only from the increased amount of taxes which are paid on a parcel of property after the construction of a new structure on the parcel. Tax increment districts encompass the parcels from which tax increments are paid for a period of time. Below is the Tax Increment Financing Plan (the "Plan") for Tax Increment Financing District No. 17 ("District No. 17"). Other relevant information is contained in the Development Program for Development District No. 1, originally adopted on April 1, 1985 and subsequently modified. A modification of the Development Program is contemplated in the Tax Increment Plan. Development District No. 1 includes the area proposed for District No. 17. The Authority or the City reserves the right to approve all or a portion of the property proposed to be included in District No. 17 on the date of the first public hearing, February 17, 1998. B. STATEMENT OF OBJECTIVES District No. 17 consists of 1 parcel of land and adjacent and internal rights-of-way. The current plans for the new development on the site include a 25,000 square foot industrial facility. District No. 17 is expected to achieve many of the objectives set forth in the Development Program in regard to land use. These objectives include: 1. Provide impetus for industrial development by constructing the public facilities necessary to make such development possible; 2. Increase employment opportunities in the city by encouraging additional industrial development. 3. Provide adequately serviced industrial areas of the city to accommodate desirable users; 4. Preserve and enhance the tax base of the city; • 5. Preserve and enhance the quality of life of the city; and, Tax Increment Financing District No.17 Page II-1