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. . . THE CITY COUNCIL FOR THE CITY OF ELK RIVER, MINNESOTA RESOLUTION NO. 87- 72 A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.4, ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO.4, AND DIRECTING CITY STAFF TO IMPLEMENT TAX INCREMENT FINANCING DISTRICT NO.4. The city Council for the City of Elk River (the City) acting pursuant to its authority under the Minnesota Tax Increment Financing Act (Minnesota Statutes, sections 469.174, et seq., hereby finds, determines, and resolves as follows: FINDINGS 1. That City of Elk River Development District No.1 was designated as a municipal development district pursuant to Minnesota Statutes, Chapter 472A and that the Development Program for Development District No. 1 was approved by resolution of the City Council for the City of Elk River dated April 1, 1985, and amended by resolutions of the City Council of the city of Elk River dated January 27, 1986, and November 30, 1987. 2. That the Development Program for Development District No. 1 anticipates and provides for the adoption of Tax Increment Financing Plans and the establishment of Tax Increment Financing Districts to assist in the financing of public improvements necessary to attract new development to the Development District. 3. That implementation of Development District No.1 and construction of required water service facilities and other public improvements through tax increment financing has attracted new commercial and industrial development to the Development District. 4. That there is a demand within the City for further business and industrial development. 5. That additional business and industrial development in many areas of the City designated for business and industrial uses is not possible absent the installation of certain public improvements including sanitary sewer and water service facilities.