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. . . City Council for the City of Elk River, Minnesota Resolution No. 85~30 A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.2, ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO.2, AND DIRECTING CITY STAFF TO IMPLEMENT TAX INCREMENT FINANCING DISTRICT NO.2. 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. ~~ 273.71 - 273.77) hereby finds, determines, and resolves as follows: FINDINGS 1. That there is a need to provide housing opportunities within the City for moderate income elderly persons to serve the elderly residents of the City and surrounding areas of Sherburne County. 2. That the construction of such housing is not feasible without public intervention and assistance. 3. That the only means available to the City to provide public assistance for the construction of such housing is through tax increment financing. 4. That it is therefore necessary, desirable, and in the public interest to designate, establish, develop and administer a Housing Tax Increment Financing District in the City pursuant to the Minnesota Tax Increment Financing Act. 5. That the purpose of the Tax Increment Financing District will be to provide a means for assisting in the financing of certain public improvements and costs necessary for the construction of the needed elderly housing to proceed, which costs could not be met and improvements not made without tax increment financing. 6. That a proposed Tax Increment Financing Plan (TIF Plan) has been prepared by City staff and consultants in response to the proposal for development of an elderly housing project known as Evans Park. 7. That the TIF Plan proposes designating the Property on which the Evans Park Project will be constructed as a housing tax increment financing district to be known as Tax Increment Financing District No.2 (TIF District No.2).