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0 <br />MODIFICATION OF <br />TAX INCREMENT FINANCING NO. 3 <br />TAX INCREMENT FINANCING DISTRICT NO. 3 <br />Purpose <br />The sole purpose of this modification (the Modification) of the existing Tax <br />Increment Financing Plan No. 3 (the TIF Plan) for Tax Increment Financing <br />District No. 3 (the TIF District) is to provide supplemental information <br />relating to the increase in total estimated tax increment expenditures <br />authorized by the Plan. The City of Elk River proposes to provide a means <br />for financing certain public infrastructure improvements, redevelopment <br />activities, and Business Park and Industrial Park activities as authorized by <br />Minnesota Statutes. <br />This Modification ratifies and incorporates by reference, all of the terms of <br />the Tax Increment Plan and its attachments in their entirety, subject only to <br />. the Modification and additional provisions provided herein. <br />Modification <br />The TIF Plan and Minnesota Statutes, Section 469.175, subd. 4, require <br />modification of a TIF Plan in the event additional property is designated to <br />be acquired by the city or in the event there is an increase in total estimated <br />tax increment expenditures. Therefore, the TIF Plan is modified and <br />supplemented as follows: <br />l.) Development Program - The goals and objectives of the TIF <br />District and City of Elk River Development District No. 1 (the <br />Development District) are set forth in the TIF Plan and the <br />Development Program for the Development District. These <br />goals and objectives include: <br />a.) To provide impetus for business and industrial <br />development by constructing public facilities. <br />