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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 extraordinary site preparation costs associated <br /> with this redevelopment project, due to the existing <br /> substandard improvements currently occupying the <br /> site, prohibits private investment from occurring on <br /> its own initiative. By virtue of its ownership since <br /> July, 1991, the Elk River EDA has without success <br /> attempted to attract private investment at the <br /> redevelopment site. Therefore, public participation, <br /> in the form of tax increment assistance, is required <br /> in order for this redevelopment project to occur. <br /> I . PARCELS INCLUDED IN TAX INCREMENT FINANCING DISTRICT NO. 12 <br /> Tax Increment Financing District No. 12 is comprised of <br /> two land parcels . They are listed below: <br /> 1993 Original <br /> Parcel 1992 EMV Pay 1993 Net Tax Capacity <br /> 75-404-0150 $ 59 ,200 $0 (Tax Exempt) <br /> 75-404-0151 $ 59 ,200 $0 (Tax Exempt) <br /> • Please refer to Exhibit C for the County Auditor <br /> Certification of this parcel in Tax Increment Financing <br /> District No. 12 . <br /> • <br />