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THE ECONOMIC DEVELOPMENT AUTHORITY <br /> FOR THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> RESOLUTION NO. 90 - 2 <br /> A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR <br /> TAX INCREMENT FINANCING DISTRICT NO. 7, ESTABLISHING TAX <br /> INCREMENT FINANCING DISTRICT NO. 7, AND DIRECTING STAFF TO <br /> IMPLEMENT TAX INCREMENT FINANCING DISTRICT NO. 7 . <br /> The Economic Development Authority for the City of Elk <br /> River (the Authority) acting pursuant to its authority under <br /> the Minnesota Tax Increment Financing Act (Minnesota Statutes, <br /> Sections 469 . 174, at seq. ) hereby finds, determines, and <br /> resolves as follows: <br /> FINDINGS <br /> 1. That City of Elk River Development District No. 1 was <br /> designated as a municipal development district pursuant to <br /> Minnesota Statutes, Chapter 472A and Section 469 . 124 et seq. , <br /> and that the Development Program for Development District No. 1 <br /> was approved by resolution of the City Council for the City of <br /> Elk River dated April 1, 1985, and amended by resolutions of <br /> the City Council of the City of Elk River dated January 27, <br /> 1986, November 30, 1987, and by Resolution of the Economic <br /> 0 Development Authority for the City of Elk River dated <br /> February 12, 1990 .. <br /> 2 . That the Development Program for Development District <br /> No. 1 anticipates and provides for the adoption of Tax <br /> Increment Financing Plans and the establishment of Tax <br /> Increment Financing Districts to assist in the financing of the <br /> public improvements and other public costs necessary to attract <br /> and retain new development in the Development District. <br /> 3 . That implementation of Development District No. 1 and <br /> construction of required facilities and other public <br /> improvements through tax increment financing has attracted new <br /> commercial and industrial development to the Development <br /> District. <br /> 4 . That there is a demand within the city for further <br /> business and industrial development. <br /> 5 . That additional business and industrial development <br /> in many areas of the City designated for business and <br /> industrial use is not possible absent city assistance in <br /> addition to the installation of certain public improvements . <br /> 6 . That the high cost of constructing required public <br /> improvements and facilities, and providing other forms of <br /> 410. assistance for new development, cannot be met, and additional <br />