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has determined that paying for certain public redevelopment costs <br /> identified in this Modification is necessary and appropriate to <br /> meet the purposes of the Development District, because: p <br /> a. ) With respect to the redevelopment project proposed a <br /> Main Street and Freeport Avenue, the City Council has <br /> determined that its assistance will : 1) preserve and enhance <br /> the tax base of the City, 2) encourage additional business <br /> and commercial development through the elimination of the <br /> blighting influence in that area, and 3) increase employment <br /> opportunities in the City. These purposes are consistent <br /> with the goals and purposes of the Development Program and <br /> the TIF Plans . <br /> 2 . ) Property to be Acquired - No property is proposed to <br /> be acquired by the City in the TIF Districts . <br /> 3 . ) Development Activities - <br /> a. ) Private Development Activity - Development activity <br /> within Development District No. 1 will include the <br /> construction of an office condominium containing <br /> approximately 10, 000 square feet at 317 and 323 Main <br /> Street. The site is currently zoned C-2, Office District. <br /> Permitted uses in this District include governmental, <br /> • business and professional offices, outpatient health care <br /> facilities, personal service establishments, and public <br /> parks . <br /> Currently, two single family home exist on this site. One <br /> home has been converted into an office building. To <br /> accommodate the construction of the office building, the <br /> residences would be demolished or moved. A potential re-use <br /> of the existing office building is that of office space for <br /> the Elk River Area Chamber of Commerce. <br /> The demolition, site preparation, soil analysis, and other <br /> public redevelopment costs are eligible Tax Increment <br /> expenditures under Minnesota Statutes . <br /> Because TIF Funds are used to assist with the office <br /> project, the City will enter into a Redevelopment Agreement <br /> prior to the development activities occurring. <br /> The property affected by the Redevelopment project is <br /> described below: <br /> 317 Main Street - <br /> Legal Description: <br /> Lot 3, Block 21, Village of Elk River, Sherburne <br /> • County, Minnesota <br /> PID #75-405-2120 <br />