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• WHEREAS, in addition to redevelopment within TIF District 19, the EDA intends to use <br /> tax increment generated by TIF No. 19 to assist in the acquisition of land and development of an <br /> industrial park/business park immediately south of and adjacent to TIF District 19, which <br /> industrial/business park cannot be established without acquisition of the property identified on <br /> Exhibit C to this resolution. <br /> NOW THEREFORE,be it resolved by the Economic Development Authority in and for <br /> the City of Elk River as follows: <br /> 1. The acquisition of the real property identified in Exhibits A, B, and C to this <br /> resolution is necessary for redevelopment of TIF District 19 and establishment of the proposed <br /> industrial/business park south of TIF District 19, and is for a necessary public purpose in that the <br /> acquisition of said real property will expand the tax base of the City, expand job opportunities <br /> • available to the residents of the City and its surrounding area, will provide for the redevelopment <br /> of real property currently improved with substandard structures, will provide the impetus for <br /> redevelopment within the TIF District and for additional development within the Development <br /> District, and will otherwise benefit the health, safety, morals, and welfare of the residents of the <br /> City of Elk River. <br /> 2. The acquisition of the real property described in Exhibits A, B, and C attached <br /> hereto ("Real Property") is for a necessary public purpose in furtherance of the objectives of the <br /> TIF plan for TIF District 19 and the Development Program for the Development District. <br /> 3. Because redevelopment within TIF District 19 and construction of planned <br /> roadway and utility improvements to support this redevelopment is scheduled to begin in early <br /> 1999, prior to the time by which court appointed commissioners could reasonably be expected to <br /> RostoH 979349.1 4 <br />