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. . . CITY COUNCIL FOR THE CITY OF ELK RIVER, MINNESOTA RESOLUTION NO. 87- 71 A RESOLUTION APPROVING THE MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.3, AND DIRECTING CITY STAFF TO IMPLEMENT THE MODIFICATION OF TAX INCREMENT FINANCING DISTRICT NO.3. The City Council for the City of Elk River (the City), acting pursuant to its authority under the Minnesota Tax Increment Financing Act (Minn. Stat. ~~ 469.174-469.179 (formerly ~~ 273.71-273.78)) hereby finds, determines, and resolves as follows: FINDINGS 1. That there is a demand within the City for increased business and industrial development. 2. That extensive development of the industrial park within the City (the Industrial Park) is not possible absent the installation of certain public facilities, including streets, sewers, water service and storm drainage facilities (the Improvements). 3. That the high cost of constructing the Improvements cannot be met, and additional business and industrial development is therefore not possible, without public intervention. 4. That the City has already created and established Economic Development Tax Increment Financing District No. 3 (the TIF District No.3) in the City pursuant to the Minnesota Tax Increment Financing Act. 5. That the purpose of the TIF District No.3 is to provide a means for financing water service improvements and facilities necessary for the City to attract additional business and industrial development and increase employment opportunities in those areas of the City designated for these uses. 6. That TIF District No.3 is an Economic Development Tax Increment Financing District pursuant to Minnesota Statutes ~ 273.73, subd. 12. (a) TIF District No. 3 is located wholly within the city's Development District No.1.