Laserfiche WebLink
<br />the required water service facilities has attracted new <br />commercial and industrial development to the Development <br />District. <br /> <br />. <br /> <br />6. That there is a demand within the City for further <br />business and industrial development. <br /> <br />7. That additional business and industrial development <br />in many areas of the city designated for business and <br />industrial use is not possible absent the installation of <br />certain public improvements in addition to the water service <br />facilities. <br /> <br />8. That the high cost of constructing the required <br />additional public improvements and facilities cannot be met, <br />and additional business and industrial development is therefore <br />not possible, without public intervention. <br /> <br />9. 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 />. <br /> <br />10. That the purpose of the Tax Increment Financing <br />District will be to assist in the financing of the water <br />service improvements and facilities constructed in the <br />Development District and to provide a means for financing <br />additional public improvements if the City is to attract <br />additional business and industrial development and increase <br />employment opportunities in those areas of the City designated <br />for these uses. <br /> <br />11. 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 the Elk River Plaza PUD as an <br />economic development Tax Increment Financing District to be <br />known as Tax Increment Financing District No. 3 (TIF District <br />No.3). <br /> <br />12. That TIF District No.3 is an economic development <br />Tax Increment District pursuant to Minnesota Statutes, Section <br />273.73, subdivision 12. <br /> <br />(a) TIF District No.3 is located wholly within the City's <br />Development District No.1. <br /> <br />(b) Development District No. 1 has been duly created and <br />the Development Program for Development District No. 1 <br />duly adopted by the City Council pursuant to the <br />provisions of Minnesota Statutes, Chapter 472A. <br /> <br />. <br /> <br />(c) The creation of Development District No. 1 and TIF <br />District No. 3 is in the public interest because: <br /> <br />2. <br />