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RESOLUTION 90 - 4 <br /> RESOLUTION FOR THE CITY OF ELK RIVER <br /> ECONOMIC DEVELOPMENT AUTHORITY <br /> A RESOLUTION APPROVING THE FINDINGS OF CONDITIONS FOR THE <br /> CREATION OF TAX INCREMENT FINANCING DISTRICT NO. 8 <br /> AS A REDEVELOPMENT DISTRICT <br /> The Economic Development Authority (the EDA) for the City <br /> of Elk River (the City) acting pursuant to its authority under <br /> the Minnesota Tax Increment Financing Act (Minnesota Statutes, <br /> Sections 469.174, et seq. ) hereby finds: <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 469 and that the Development <br /> Program for Development District No. 1 was approved by <br /> resolution of the City Council for the City of Elk River <br /> dated April 1, 1985, as amended by resolutions of the City <br /> Council of the City of Elk River dated January 27 , 1986, <br /> November 30, 1987 , and October 9, 1989 . <br /> 2 . That the Development Program for Development District No.1 <br /> anticipates and provides for the adoption of Tax Increment <br /> • Financing (TIF) Plans and establishment of Tax Increment <br /> Financing Districts to assist in the financing of the <br /> public improvements and other public costs necessary to <br /> attract and retain new development in the Development <br /> District . <br /> 3 . That the proposed TIF District No. 8 will be a <br /> Redevelopment District pursuant to Minnesota Statutes <br /> Section 469. 174, Subd. 10 and conforms to the <br /> Comprehensive Guide Plans and the Development Program for <br /> the Development District. <br /> 4. The City of Elk River Economic Development Authority does <br /> hereby find that the following conditions exist within <br /> proposed TIF District No. 8. <br /> A. Parcels consisting of 70 percent of the area of the <br /> district are occupied by buildings, streets, utilities <br /> or other improvements and more than 50 percent of the <br /> buildings, not including outbuildings, are <br /> structurally substandard to a great degree requiring <br /> substantial renovation or clearance; <br /> B. That proposed TIF District No. 8 consists of the <br /> following property with the existing conditions as <br /> 411 noted: <br /> PID No. 75-405-0130 and 75-405-0110 - Violation <br /> of fire codes, structurally unsound, safety <br /> violations, leaking roof, water damage, <br />