3.0. SR 12-13-1993 - Laserfiche WebLink

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e C. e e which are structurally substandard to a degree requ1r1ng clearance before the parcels can be built upon. These improvements include structurally substandard walls, floors, and footings which do not comply with the Building Code applicable to new buildings and cannot be modified to comply with the Building Code. Attached to this Plan as Exhibit F is a report from the City Building Official to this effect. For this reason, the City Council finds that proposed Tax Increment Financing District No. 12 meets the criteria of Minnesota Statutes Section 169.174, Subd. 10(A) and qualifies as a Redevelopment District under the Minnesota Tax Increment Financing Act. DEVELOPMENT PROGRAM 1. Overview Kjellberg's Carpet and Interiors, 16862 Highway 10, Elk River, Minnesota, seeks Tax Increment Financing assistance to support its proposed construction of a 12,000 square foot retail facility in the Elk River Central Business District. The Tax Increment funds will be used for preparation costs including clearance of substandard improvements currently occupying site. In addition, the tax increment funds will used to write down the land value by $70,000. site the the be 2. Property Included District No. 12 in Increment Financinq Tax The legal description of the property included in TIF District No. 12 is as follows: The West 71.7 Subdivision No. 4 75-404-0151) feet (PID of Lot 15, No 75-404-0150 Auditor's and No. Attached as Exhibits B-1 and B-2 are maps showing the exact location of the property included in Tax Increment Financing District No. 12. 3. Property to be Acquired by the Authority No property is scheduled for acquisition by the Economic Development Authority for the City of Elk River, Minnesota. The redevelopment site is currently owned by the Economic Development Authority and will be conveyed to Kjellberg's Carpet and Interiors subject to the terms and conditions of a Contract for Private Development.