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<br />. <br /> <br />7. That it is therefore necessary, desirable, and in the <br />public interest to designate, establish, develop, and <br />administer an additional economic development Tax Increment <br />Financing District in the City pursuant to the Minnesota Tax <br />Increment Financing Act. . <br /> <br />8. That the purpose of the Tax Increment Financing <br />District will be to acquire a development site in Phase II of <br />the Elk River Industrial Park for the relocation of Alltool <br />Company, thus enabling Alltool to remain in and to expand in <br />the State of Minnesota and the City of Elk River, and to <br />provide a means for financing additional public improvements if <br />the City is to attract additional business and industrial <br />development and increase employment opportunities in those <br />areas of the City designated for these uses. <br /> <br />9. That a proposed Tax Increment Financing Plan (TIF <br />Plan) has been prepared by City staff and consultants which <br />proposes designating a portion of Development District No. 1 as <br />an economic development Tax Increment Financing District to be <br />known as Tax Increment Financing District No. 5 (TIF District <br />No . 5). <br /> <br />10. That TIF District No. 5 is an economic development <br />Tax Increment District pursuant to Minnesota Statutes, Section <br />469.174, subdivision 12. <br /> <br />. <br /> <br />(a) <br /> <br />TIF District No. 5 is located wholly within the <br />City's Development District No.1. <br /> <br />(b) Development District No. 1 has been duly created and <br />the Development Program for Development District No. <br />1 duly adopted by the City Council pursuant to the <br />provisions of Minnesota Statutes. <br /> <br />(c) The creation of Development District No. 1 and TIF <br />District No. 5 is in the public interest because: <br /> <br />(i) <br /> <br />It will discourage commerce, industry, and <br />manufacturing from moving their operations <br />to another state; <br /> <br />:c <br /> <br />(ii) <br /> <br />It will result in increased employment in <br />the City; <br /> <br />. <br /> <br />It will result in preservation and <br />enhancement of the tax base of the City. <br /> <br />11. That the proposed relocation of Alltool within the <br />City of Elk River and TIF District No.5, in the opinion of the <br />City Council, would not reasonably be expected to occur solely <br />through private investment within the reasonably foreseeable <br />future and therefore the use of tax increment financing is <br />necessary. <br /> <br />(iii) <br /> <br />2. <br />