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during the term of this TIF District would be available to other <br /> • taxing jurisdictions without the creation of this district. <br /> 3. Additional information on the impact of Tax Increment <br /> Financing District No. 15 on the other local taxing jurisdictions <br /> can be found in Exhibit E. <br /> H. STUDIES AND ANALYSIS USED TO DETERMINE THE NEED FOR <br /> TAX INCREMENT FINANCING <br /> The Elk River EDA and City Council have determined that the <br /> McChesney Cabinets expansion project cannot reasonably be expected <br /> to occur solely through private investment within the reasonably <br /> foreseeable future. Therefore, the use of Tax Increment Financing <br /> assistance is deemed necessary. <br /> This determination has been made based on the following: <br /> • The company currently occupies 3,000 square feet in Elk <br /> River and is planning this expansion into a larger 5,000 <br /> square foot facility. The balance of the facility, 5,000 square <br /> feet, will be leased to another local company - Winlectric <br /> Company - for its expansion. Tax increment assistance is <br /> needed to reduce the overall project costs - thereby <br /> preserving scarce capital to ensure that McChesney Cabinets <br /> remains financially stable after the expansion. <br /> 1111 • In addition, tax increment assistance is necessary because <br /> the project will result in increased employment in the State, <br /> and, it will result in the preservation and enhancement of <br /> the tax base of the State. <br /> PARCEL INCLUDED IN TAX INCREMENT FINANCING DISTRICT <br /> NO. 15 <br /> Tax Increment Financing District No. 15 is comprised of one parcel of <br /> land. It is listed below: <br /> 1995 Original <br /> Parcel 1995 EMV Payable 1996 Net Tax Capacity <br /> 75-433-0180 $25,000 $1,150 <br /> Please refer to Exhibit C for the County Auditor Certification of this <br /> parcel in Tax Increment Financing District No. 15. <br /> • <br />