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WHEREAS, in accordance with the Tax Increment Financing Plan for TIF District 19, <br /> the EDA is facilitating the redevelopment of certain real property located within TIF District 19 <br /> into a new commercial and industrial development. <br /> WHEREAS, the property to be redeveloped within TIF District 19 has been rezoned to <br /> accommodate the proposed redevelopment, related land use approvals are scheduled to be acted <br /> on within the next thirty(30) days, and the EDA is completing negotiations with the developers <br /> on a redevelopment agreement which will provide for redevelopment of over 100 acres of real <br /> property located within TIF District 19; <br /> WHEREAS, the EDA believes that redevelopment of real property located within TIF <br /> District 19 and in the Development District is in the best interests of the City of Elk River and will <br /> expand the tax base of the City, will expand the job opportunities available to the residents of the <br /> • City and its surrounding area, and will otherwise benefit the health, safety, morals, and welfare of <br /> the residents of the City, and will satisfy a necessary public purpose in accordance with applicable <br /> state and local laws; <br /> WHEREAS, the proposed redevelopment, in the opinion of the City, cannot reasonably <br /> be expected to occur solely through private investment within the reasonably foreseeable future, <br /> and the increased market value of the property to be redeveloped that could reasonably be <br /> expected to occur without the use of tax increment would be less than the increase in market <br /> value estimated to result from the proposed redevelopment after subtracting the present value of <br /> the projected tax increments for the maximum duration of the TIF District; <br /> WHEREAS, the proposed redevelopment cannot occur without acquisition of the two <br /> properties identified in Exhibits A and B to this resolution; <br /> • <br /> RostoH 979349.1 3 <br />