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<br />. <br /> <br />. <br /> <br />. <br /> <br />THE CITY COUNCIL <br />FOR THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />RESOLUTION NO. 88-47 <br /> <br />A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR <br />TAX INCREMENT FINANCING DISTRICT NO.5, ESTABLISHING TAX <br />INCREMENT FINANCING DISTRICT NO.5, AND DIRECTING CITY STAFF TO <br />IMPLEMENT TAX INCREMENT FINANCING DISTRICT NO.5. <br /> <br />The City Council for the City of Elk River (the City) <br />acting pursuant to its authority under the Minnesota Tax <br />Increment Financing Act (Minnesota Statutes, Sections 469.174, <br />~~) hereby finds, determines, and resolves as follows: <br /> <br />FINDINGS <br /> <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 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 dated <br />April 1, 1985, and amended by resolutions of the City Council <br />of the City of Elk River dated January 27, 1986, and November <br />30, 1987. <br /> <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 /> <br />3. That implementation of Development District No. 1 and <br />construction of required water service facilities and other <br />public improvements through tax increment financing has <br />attracted new commercial and industrial development to the <br />Development District. <br /> <br />4. That there is a demand within the city for further <br />business and industrial development. <br /> <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 /> <br />6. That the high cost of constructing required public <br />improvements and facilities, and providing other forms of <br />assistance for new development, cannot be met, and additional <br />business and industrial development is therefore not possible, <br />without public intervention. <br />