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THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA 4111.- RESOLUTION NO. 89-2 A RESOLUTION APPROVING THE FINDINGS OF CONDITIONS FOR THE CREATION OF TAX INCREMENT FINANCING DISTRICT NO. 6 AS A REDEVELOPMENT DISTRICT The Economic Development Authority (the EDA) for the City of Elk River (the City) acting pursuant to its authority under the Minnesota Tax Increment Financing Act (Minnesota Statutes, Sections 469.174 , et seq. ) hereby finds: FINDINGS 1 . That City of Elk River Development District No. 1 was designated as a municipal development district pursuant to Minnesota Statutes, Chapter 469 and that the Development Program for Development District No. 1 was approved by resolution of the City Council for the City of Elk River dated January 27 , 1986 , and November 30, 1987 . 2 . That the Development Program for Development District No. 1 anticipates and provides for the adoption of Tax Increment Financing Plans and the establishment of Tax Increment Financing Districts to assist in the financing of the public 4111 improvements and other public costs necessary to attract and retain new development in the Development District . 3 . That the proposed TIF District No. 6 will be Redevelopment District pursuant to Minnesota Statutes Section 469.174 , Subd. 10. 4 . The City of Elk River Economic Development Authority does hereby find that the following conditions exist within proposed TIF District No. 6. A. 70% of the parcels in the districts are occupied by buildings, streets, utilities or other improvements and more than 50% of the buildings, not including out buildings, are structurally substandard to a great degree requiring substantial renovation or clearance; B. That proposed TIF District No. 6 consists of the following properties with the existing conditions as noted: i. Parcel 1 PID No. 115-025-200110 - Violation of fire codes, structurally unsound, safety violations, substandard electrical service. 4