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PART 1 - EXECUTIVE SUMMARY <br />PURPOSE OF EVALUATION <br />LHB was hired by the City of Elk River to inspect and evaluate the properties within a Tax Increment <br />Financing Redevelopment District ("TIF District") proposed to be established by the City. The <br />proposed TIF District is bounded by 3' Street Northwest, Gates Avenue Northwest, and Main Street <br />Northwest (Diagram 1). The purpose of LHB's work is to determine whether the proposed TIF <br />District meets the statutory requirements for coverage, and whether eight (8) buildings on eight (8) <br />parcels, located within the proposed TIF District, meet the qualifications required for a <br />Diagram 1— Proposed TIF District <br />Main and Gates Redevelopment TIF District <br />LHB Project No. 190549 Page 2 of 12 Final Report <br />