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business and industrial development is therefore not possible, <br /> 0 without public intervention. <br /> 7 . That it is therefore necessary, desirable, and in the <br /> public interest to designate, establish, develop, and <br /> administer an additional redevelopment Tax Increment Financing <br /> District in the City pursuant to the Minnesota Tax Increment <br /> Financing Act. <br /> 8. That the purpose of the Tax Increment Financing <br /> District will be to acquire a redevelopment site for Elk River <br /> Motel Properties, Inc. (ERM Properties) , thus enabling ERM <br /> Properties to construct a 42-unit motel in the State of <br /> Minnesota and the City of Elk River. <br /> 9 . That a proposed Tax Increment Financing Plan (TIF <br /> Plan) has been prepared by City staff and consultants which <br /> proposes designating a portion of Development District No. 1 as <br /> a redevelopment Tax Increment Financing District to be known as <br /> Tax Increment Financing District No. 7 (TIF District No. 7) . <br /> 10. That TIFDistrict No. 7 is a redevelopment Tax <br /> Increment Financing District pursuant to Minnesota Statutes, <br /> Section 469 . 174, subdivision 10 . <br /> (a) TIF District No. 7 is located wholly within the <br /> City's Development District No. 1. <br /> • (b) Development District No. 1 has been duly created and <br /> the Development Program for Development District <br /> No. 1 duly adopted by the City Council and the <br /> Economic Development Authority pursuant to the <br /> provisions of Minnesota Statutes . <br /> (c) TIF District No. 7 is a redevelopment district <br /> because: <br /> parcels consisting of more than 70 percent of the <br /> area of the district are occupied by buildings, <br /> streets, utilities, or other improvements; and more <br /> than 50 percent of the buildings, not including <br /> outbuildings, are structurally substandard to a <br /> degree requiring substantial renovation or clearance <br /> as determined by the City Building Inspector; <br /> for purposes of these findings more than 15 percent <br /> of the area of each parcel is occupied by buildings, <br /> streets, utilities, or other improvements . <br /> 11. That the proposed development by ERM Properties <br /> within the City of Elk River and TIF District No. 7, in the <br /> opinion of the Authority, would not reasonably be expected to <br /> occur solely through private investment within the reasonably <br /> !II <br /> 2 . <br />