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1111 EDA RESOLUTION 93 - 1 <br /> A RESOLUTION FOR THE ECONOMIC DEVELOPMENT AUTHORITY <br /> FOR THE CITY OF ELK RIVER, MINNESOTA, RELATING TO THE <br /> ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 9 <br /> AND THE ADOPTION AND APPROVAL OF THE TAX INCREMENT FINANCING <br /> PLAN RELATING THERETO, LOCATED WITHIN DEVELOPMENT DISTRICT NO. 1 <br /> BE IT RESOLVED by the Economic Development Authority for the <br /> City of Elk River, Minnesota (EDA) , as follows: <br /> Section 1 . - Recitals . <br /> 1 .01 . It has been proposed that the EDA establish Tax <br /> Increment Financing District No. 9 within Development District <br /> No. 1 . <br /> 1 . 02 . The EDA has caused to be prepared a proposed Tax <br /> Increment Financing Plan (the Plan) for Tax Increment Financing <br /> District No. 9 . <br /> 1.03 . The EDA has performed all actions by Minnesota <br /> Statutes to be performed prior to the establishment of Tax <br /> Increment Financing District No. 9 and the adoption of the Plan <br /> 4110 relating thereto. <br /> 1. 04 . The EDA hereby determines that it is necessary <br /> and in the best interest of the City at this time to establish <br /> Tax Increment Financing District No. 9 and to approve the Plan <br /> relating thereto. <br /> Section 2 . - Findings for the Establishment of Tax <br /> Increment Financing District No. 9 <br /> 2 .01 . The EDA hereby finds, determines and declares <br /> that the establishment of Tax Increment Financing District No. <br /> 9 within Development District No. 1 is intended and, in the <br /> judgement of this EDA, its effects will be, to provide an <br /> impetus for commercial and industrial development, increase <br /> employment and otherwise promote certain public purposes and <br /> accomplish certain objectives as specified in the Plan for Tax <br /> Increment Financing District No. 9 . <br /> 2 . 02 . The EDA further finds, determines and declares <br /> that Tax Increment Financing District No. 9 qualifies as an <br /> Economic Development District pursuant to Minnesota Statutes, <br /> Section 469 . 174, Subdivision 12 . <br /> 2 . 03 . The EDA further finds, determines and declares <br /> 1110 that the proposed development, in the opinion of the EDA, would <br /> not occur solely through private investment within the <br /> reasonably foreseeable future and, therefore, the use of Tax <br /> Increment Financing is deemed necessary. <br />