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THE ECONOMIC DEVELOPMENT AUTHORITY <br /> FOR THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> RESOLUTION NO. 90-5 <br /> A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR <br /> TAX INCREMENT FINANCING DISTRICT NO. 8, ESTABLISHING TAX <br /> INCREMENT FINANCING DISTRICT NO. 8, AND DIRECTING CITY <br /> STAFF TO IMPLEMENT TAX INCREMENT FINANCING DISTRICT NO. 8 <br /> The Economic Development Authority (the EDA) for the City of Elk River <br /> (the City) acting pursuant to its authority under the Minnesota Tax <br /> Increment Financing Act (Minnesota Statutes, Sections 469 . 174, <br /> et seq. ) hereby finds, determines and 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 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 City <br /> • Council and EDA of the City of Elk River dated January 27, <br /> 1986, November 30, 1987, and November 6, 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 the establishment of Tax Increment <br /> Financing Districts to assist in the financing of the public <br /> improvements and other public costs necessary to attract and <br /> retain new development in the Development District. <br /> 3 . That the proposed TIF District No. 8 will be Redevelopment <br /> District pursuant to Minnesota Statutes Section 469 . 174, <br /> Subd. 10 and conforms the Comprehensive Guide Plans and the <br /> Development Program for the Development District. <br /> 4 . The City of Elk River Economic Development Authority did find <br /> and establish in Resolution 90-4, adopted July 23, 1990, that <br /> the conditions exist within proposed TIF District No. 8 to <br /> create a Redevelopment District. <br /> 5 . That proposed TIF District No. 8 consists of the following <br /> properties: <br /> i. Parcel No. 1 <br /> PID No. 75-405-0130 <br /> • ii. Parcel No. 2 <br /> PID No. 75-405-0110 <br />