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<br />WHEREAS, the City of Elk River has established a Tax Increment Financing <br /> <br /> <br />Plan for the Downtown Phase I Tax Increment Financing District No, 22 (a <br /> <br /> <br />redevelopment district) within the Development District ("the District"); <br /> <br /> <br />WHEREAS, the City of Elk River deems it necessary and convenient to acquire <br /> <br />the necessary property in the District in order to fulfill the objectives ofthe Development <br /> <br />Program, to encourage and facilitate development in the District, as well as improving <br /> <br />roads, utilities and other public infrastructure and to provide employment opportunities, <br /> <br />increase the tax base and otherwise benefit the health, safety and welfare of the residents <br /> <br />ofthe City of Elk River ("Objectives"); <br /> <br />WHEREAS, the Owner of the real property described on Exhibit A ("Real <br /> <br />Property") hereto has agreed to convey the Real Property in lieu of condemnation by the <br /> <br />City pursuant to a Purchase Agreement dated January 21, 2005, <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br /> <br />Elk River. <br /> <br />1. In order to carry out the Objectives, it is necessary to acquire fee title to <br /> <br />the Real Property from the fee owners, <br /> <br />2, The acquisition of the Real Property by the exercise of the power of <br /> <br />eminent domain in the manner provided for by Minnesota Statutes Chapter 117 serves a <br /> <br />public purpose and is deemed to be necessary to further the Objectives. <br /> <br /> <br />3. The City of Elk River deems it necessary for the Objectives and <br /> <br /> <br />encouraging development in the District to acquire said Real Property. <br /> <br /> <br />4. The City of Elk River staff is further authorized and directed to take all <br /> <br />action necessary to acquire the Real Property and is authorized to finalize the acquisition <br /> <br />2 <br />