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411 EDA RESOLUTION 93 - 5 A RESOLUTION FOR THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA, RELATING TO THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 12 AND THE ADOPTION AND APPROVAL OF THE TAX INCREMENT FINANCING PLAN RELATING THERETO, LOCATED WITHIN DEVELOPMENT DISTRICT NO. 1 BE IT RESOLVED by the Economic Development Authority for the City of Elk River, Minnesota (EDA) , as follows : Section 1 . - Recitals. 1. 01 . It has been proposed that the EDA establish Tax Increment Financing District No. 12 within Development District No. 1 . 1 .02 . The EDA has caused to be prepared a proposed Tax Increment Financing Plan (the Plan) for Tax Increment Financing District No. 12 . 1 . 03 . The EDA has performed all actions by Minnesota Statutes to be performed prior to the establishment of Tax Increment Financing District No. 12 and the adoption of the • Plan relating thereto. 1 . 04 . The EDA hereby determines that it is necessary and in the best interest of the City at this time to establish Tax Increment Financing District No. 12 and to approve the Plan relating thereto. Section 2 . - Findings for the Establishment of Tax Increment Financing District No. 12 2 .01 . The EDA hereby finds, determines and declares that the establishment of Tax Increment Financing District No. 12 within Development District No. 1 is intended and, in the judgement of this EDA, its effects will be, to provide an impetus for commercial redevelopment, increase employment and otherwise promote certain public purposes and accomplish certain objectives as specified in the Plan for Tax Increment Financing District No. 12 . 2 . 02 . The EDA further finds, determines and declares that Tax Increment Financing District No. 12 qualifies as an Redevelopment District pursuant to Minnesota Statutes, Section 469 . 174, Subdivision 10 . This finding is supported by a report from the City Building Official which is included as an Exhibit to the Plan.