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THE ECONOMIC DEVELOPMENT AUTHORITY <br /> FOR THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> 410 RESOLUTION 89-4 <br /> A RESOLUTION APPROVING THE FINDINGS OF CONDITIONS FOR THE <br /> CREATION OF TAX INCREMENT FINANCING DISTRICT NO. 6 AS A <br /> 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, and amended by resolutions of the <br /> City Council of the City of Elk River dated January 27, <br /> 1986, and November 30, 1987 . <br /> 2. That the Development Program for Development District No. <br /> 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 <br /> of the public improvements and other public costs <br /> necessary to attract and retain new development in the <br /> Development District . <br /> 3 . That the proposed TIF District No. 6 will be Redevelopment <br /> District pursuant to Minnesota Statutes Section 469. 174, <br /> Subd. 10 . <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. 6. <br /> A. 70% of the parcels in the district are occupied by <br /> buildings, streets, utilities or other improvements <br /> and more than 50% of the buildings, not including out <br /> buildings, are structurally substandard to a great <br /> degree requiring substantial renovation or clearance; <br /> B. That proposed TIF District No. 6 consists of the <br /> following properties with the existing conditions as <br /> noted: <br /> i. Parcel No. 1 <br /> PID No. 115-025-200110 - Violation of fire <br /> codes, structurally unsound, safety violations, <br /> substandard electrical service. <br /> ii. PID No. 115-025-200120 - Violation of fire <br /> codes, inadequate egress, sagging roof, sloping <br />