7.4. SR 09-21-2020 - Laserfiche WebLink

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City of Elk River, Minnesota SPRINGSTED Page 4 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 approximate new 7,216 square foot facility to operate a light maintenance facility for the Beaudry Oil existing fleet. The facility will be used for minor repair for Beaudry Oil & Propane Fleet (not open to the public), which includes oil changes, replacing tires, changing brakes, minor service, light maintenance, cleaning and detailing. The City has identified additional public improvement costs related to the redevelopment project including acquisition of additional blighted properties adjacent to the proposed project site, as well as infrastructure improvements to allow better access to the project site. Following acquisition and demolition of the blighted properties, it is anticipated that a second development will occur in the District, generating additional taxable value and increment that will be available to financing the