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<br />e <br /> <br />has determined that paying for certain public redevelopment costs <br />identified in this Modification is necessary and appropriate to <br />meet the purposes of the Development District, because: <br /> <br />a.) With respect to the redevelopment project proposed a <br />Main Street and Freeport Avenue, the City Council has <br />determined that its assistance will: 1) preserve and enhance <br />the tax base of the City, 2) encourage additional business <br />and commercial development through the elimination of the <br />blighting influence in that area, and 3) increase employment <br />opportunities in the City. These purposes are consistent <br />with the goals and purposes of the Development Program and <br />the TIF Plans. <br /> <br />2.) Property to be Acquired - No property is proposed to <br />be acquired by the City in the TIF Districts. <br /> <br />e <br /> <br />3.) Development Activities - <br /> <br />a.) Private Development Activity Development activity <br />within Development District No. 1 will include the <br />construction of an office condominium containing <br />approximately 10,000 square feet at 317 and 323 Main <br />Street. The site is currently zoned C-2, Office District. <br />Permitted uses in this District include governmental, <br />business and professional offices, outpatient health care <br />facilities, personal service establishments, and public <br />parks. <br /> <br />Currently, two single family home exist on this site. One <br />home has been converted into an office building. To <br />accommodate the construction of the office building, the <br />residences would be demolished or moved. A potential re-use <br />of the existing office building is that of office space for <br />the Elk River Area Chamber of Commerce. <br /> <br />The demolition, site preparation, soil analysis, and other <br />public redevelopment costs are eligible Tax Increment <br />expenditures under Minnesota Statutes. <br /> <br />Because TIF Funds are used to assist with the office <br />project, the City will enter into a Redevelopment Agreement <br />prior to the development activities occurring. <br /> <br />The property affected by the Redevelopment project is <br />described below: <br /> <br />317 Main Street - <br /> <br />e <br /> <br />Legal Description: <br />Lot 3, Block 21, Village of Elk River, Sherburne <br />County, Minnesota <br /> <br />PID #75-405-2120 <br />