5.1 PCSR 06-27-2017 - Laserfiche WebLink

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City of Elk River, Minnesota necessary to develop the land, and installation of utilities, roads, sidewalks, and parking facilities for the site. The allocated administrative expenses of the City may be included in the qualifying costs. Section F Duration of the TIF District Redevelopment districts may remain in existence 25 years from the date of receipt by the City of the first tax increment. Modifications of this plan (see Section Z) shall not extend these limitations. Pursuant to Minnesota Statutes, Section 469.175, subd. 1(b), the City specifies 2020 as the first year in which it elects to receive tax increment from the TIF District, which is no later than four years following the year of approval of the TIF District. Thus, the City may collect increment from the district through December 31, 2045, and anticipates that the TIF District may be active for the maximum duration allowed (see Section P). However the City will decertify the TIF District as early as possible should the projected increment be received in a shorter time period than originally projected. All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the City. Section G Property to be Included in the TIF District The TIF District comprises of 12 parcels containing multiple substandard buildings to be demolished. The total area of the TIF district is approximately 4 acres and also includes adjacent streets and right -of -way located within the Project Area. A map showing the location of the TIF District is shown in Exhibit I. The boundaries and area encompassed by the TIF District are described below: Parcel Number Legal Description 75- 410 -0735 LOTS 8 & 9, BLK 7 75- 410 -0730 LOT 7, BLK 7 75- 410 -0725 LOT 6, BLK 7. SUB TO PERPETUAL EASEMENT 75- 410 -0720 LOTS 4 & 5, BLK 7 75- 410 -0715 N 1 -2 OF LOT 2, & ALL OF LOT 3, BLK 7 PLUS PERMANENT EASEMENT 75- 410 -0710 LOT 1 EXCEPT THE W 80 FT THEREOF, AND THE S 1/2 OF LOT 2 EXCEPT THE W 80 FT THEREOF, ALL IN BLK 7. 75- 410 -0705 W 80 FT OF LOT 1 & W 80 FT OF S 1 -2 OF LOT 2, BLK 7 75- 410 -0740 LOT 10 & E 1 -2 OF LOT 11, BLK 7 75- 410 -0745 W 1 -2 OF LOT 11 & ALL OF LOT 12, BLK 7 75- 403 -0010 LOT 1 75- 403 -0020 LOT 2 75- 403 -0030 LOT 3 The area encompassed by the TIF District shall also include all street or utility right -of -ways located upon or adjacent to the property described above, as illustrated in the boundary map included in Exhibit I. Section H Property to be Acquired in the TIF District The City anticipates acquiring property located within the TIF District; and reserves the right to sell such property as related to redevelopment. Section I Specific Development Expected to Occur Within the TIF District The proposed project includes the redevelopment of property within the City that consists of blighted buildings that have been found to be substandard and will be demolished. A business is planning the construction of an SPRINGSTED Page 4