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City of Elk River, Minnesota <br /> SECTION II-TAX INCREMENT FINANCING PLAN <br /> FOR TAX INCREMENT FINANCING(ECONOMIC DEVELOPMENT) DISTRICT NO. 23 <br /> Section A Definitions <br /> The terms defined in this section have the meanings given herein, unless the context in which they are used indicates <br /> a different meaning: <br /> "City„means the City of Elk River, Minnesota; also referred to as a "Municipality". <br /> "Council"means the City Council of the City; also referred to as the "Governing Body". <br /> "County„means Sherburne County, Minnesota. <br /> "Development District" means Development District No. 1 in the City, which is described in the corresponding <br /> Development Program. <br /> "Development Program"means the Development Program for the Development District <br /> "EDA"means the Elk River Economic Development Authority. <br /> "Project Area" means the geographic area of the Development District. <br /> "School District"means Independent School District No. 728, Minnesota. <br /> "State"means the State of Minnesota. <br /> "TIF Act"means Minnesota Statutes, Sections 469.174 through 469.1794, both inclusive. <br /> "TIF District"means Tax Increment Financing (Economic Development) District No. 23. <br /> "TIF Plan"means the tax increment financing plan for the TIF District(this document). <br /> Section B Statutory Authorization <br /> See the Development Program for the Development District. <br /> Section C Statement of Need and Public Purpose <br /> See the Development Program for the Development District. <br /> Section D Statement of Objectives <br /> See the Development Program for the Development District. <br /> Section E Designation of Tax Increment Financing District as an <br /> Economic Development District <br /> Economic development districts are a type of tax increment financing district which consist of any project, or portions <br /> of a project,which the City finds to be in the public interest because: <br /> SPRINGSTED Page 2 <br />