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<br />. <br /> <br />. <br /> <br />. <br /> <br />City Council for the City of Elk River, Minnesota <br /> <br />Resolution No. 85-11 <br /> <br />A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR TAX <br />INCREMENT FINANCING DISTRICT NO.1, ESTABLISHING TAX INCREMENT <br />FINANCING DISTRICT NO.1, AND DIRECTING CITY STAFF TO IMPLEMENT <br />TAX INCREMENT FINANCING DISTRICT NO.1. <br /> <br />The City Council for the City of Elk River (the City), acting <br />pursuant to its authority under the Minnesota Tax Increment Financing <br />Act (Minn. Stat. ~~ 273.71 - 273.77) hereby finds, determines, and <br />resolves as follows: <br /> <br />FINDINGS <br /> <br />1. That there is a demand within the City for increased business and <br />industrial development. <br /> <br />2. That extensive business and industrial development of many areas <br />within the City designated for business and industrial use is not <br />possible absent the installation of certain public facilities, <br />including improved water service. <br /> <br />3. That the high cost of constructing the required water service <br />facilities cannot be met, and additional business and industrial <br />development is therefore not possible, without public intervention. <br /> <br />4. That it is therefore necessary, desirable, and in the public <br />interest to designate, establish, develop and administer an <br />Economic Development Tax Increment Financing District in the <br />City pursuant to the Minnesota Tax Increment Financing Act. <br /> <br />5. That the purpose of the Tax Increment Financing District will be <br />to provide a means for financing water service improvements and <br />facilities necessary if the City is to attract additional business <br />and industrial development and increase employment opportunities <br />in those areas of the City designated for these uses. <br /> <br />6. That a proposed Tax Increment Financing Plan (TIF Plan) has been <br />prepared by City staff and consultants in response to private <br />proposals for the development of an area of the City known as the <br />Elk River Plaza PUD. <br /> <br />7. That the TIF Plan proposes designating a portion of the Elk River <br />Plaza PUD as an economic development tax increment financing <br />district to be known as Tax Increment Financing District No. 1 <br />(TIF District No.1) <br />