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<br />. <br /> <br />. <br /> <br />. <br /> <br />8. That TIF District No. 1 is an Economic Development Tax Increment <br />Financing District pursuant to Minnesota Statutes ~ 273.73, <br />Subd. 12. <br /> <br />A. TIF District No.1 is located wholly within the City's <br />Development District No.1. <br /> <br />B. Development District No. 1 has been duly created and the <br />Development Program for Development District No. 1 duly <br />adopted by the City Council pursuant to the provisions of <br />Minnesota Statutes Chapter 472A. <br /> <br />C. The creation of Development Di.strict No. 1 and TIF <br />District No. 1 is in the public interest because: <br /> <br />(i) It will discourage commerce, industry or manufacturing <br />from moving their operations to another state; <br /> <br />(ii) It will result in increased employment in the City; <br /> <br />(iii) It will result in preservation and enhancement of <br />the tax base of the City. <br /> <br />9. That the proposed development within TIF District No.1, in the <br />opinion of the City Council, would not reasonably be expected <br />to occur solely through private investment within the reasonably <br />foreseeable future and therefore the use of Tax Increment Financing <br />is necessary. <br /> <br />A. The Comprehensive Water Plan for the City of Elk River, <br />dated September 1982, identifies a severe deficiency in the <br />storage capacity of the existing city water system and <br />recommends construction of a one million gallon reservoir <br />to eliminate this storage capacity deficiency. <br /> <br />B. The lack of storage capacity in the existing water system <br />makes it impossible for the area of the City which includes <br />TIF District No. 1 to be developed for business and industrial <br />use s . <br /> <br />C. The water system improvements required to allow business <br />and industrial uses in these areas cannot, in the opinion of <br />the City Council, be financed solely through private <br />investment or public funds currently available. <br /> <br />D. Creation of TIF District No. 1 and capture of the tax increment <br />generated by development in the district is the only available <br />means of financing the water system improvements and <br />facilities necessary to allow business and industrial <br />development to occur within TIF District No.1. <br /> <br />2. <br />