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THE ECONOMIC DEVELOPMENT AUTHORITY <br /> FOR THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> RESOLUTION NO. 90 - 1 <br /> A RESOLUTION AMENDING THE DEVELOPMENT PROGRAM FOR <br /> DEVELOPMENT DISTRICT NO. 1 AND EXPANDING THE BOUNDARIES OF <br /> DEVELOPMENT DISTRICT NO. 1. <br /> The Economic Development Authority for the City of Elk <br /> River (the Authority) acting pursuant to its authority under <br /> the Minnesota Economic Development Act (Minnesota Statutes, <br /> Sections 469 . 124, 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 Sections 124 at seq. , and <br /> that the Development Program for Development District No. 1 was <br /> approved by resolution of the City Council for the City of Elk <br /> River dated April 1, 1985, and amended by resolutions of the <br /> City Council of the City of Elk River dated January 27, 1986, <br /> and November 30, 1987 . <br /> 2 . That the City Council for the City of Elk River, <br /> pursuant to Resolution No. 87-63 has transferred authority for <br /> Development District No. 1 to the Economic Development <br /> Authority for the City of Elk River. <br /> 3. 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 /> 4 . That implementation of Development District No. 1 and <br /> construction of public facilities and other public improvements <br /> through tax increment financing has attracted new commercial <br /> and industrial development to the Development District. <br /> 5 . That there is a demand within the City for further <br /> business and industrial development, including development in <br /> areas of the City not presently included in Development <br /> District No. 1. <br /> 6 . 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 />