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City of Elk River, Minnesota <br /> Section A Definitions <br /> • The terms defined in this section have the meanings given herein, unless the context in which <br /> they are used indicates a different meaning: <br /> "City" means the City of Elk River, Minnesota; also referred to as a "Municipality". <br /> "City 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 Municipal Development District No. 1 in the City, which is <br /> described in the corresponding Development Program. <br /> "Development Program" means the Development Program for the Development District. <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 469.1791, both inclusive. <br /> "TIF District" means Tax Increment Financing (Redevelopment) District No. 19. <br /> • "TIF Plan" means the tax increment financing plan for the TIF District (this document). <br /> Section B Statutory Authorization <br /> See Section A of the Development Program for the Development District. <br /> Section C Statement of Need and Public Purpose <br /> See Section B of the Development Program for the Development District. <br /> Section D Statement of Objectives <br /> See Section E of the Development Program for the Development District. <br /> Section E Designation of Tax Increment Financing District as a <br /> Redevelopment District <br /> Redevelopment districts are a type of tax increment financing district in which one of the <br /> following conditions exists and is reasonably distributed throughout the district: <br /> (1) parcels comprising at least 70% of the area of the district are occupied by buildings, <br /> streets, utilities, or other improvements, and more than 50% of the buildings (not <br /> including outbuildings) are structurally substandard requiring substantial renovation or <br /> clearance. A parcel is deemed "occupied" if at least 15% of the area of the parcel <br /> contains some type of improvement; or <br /> SPRINGSTED Page 1 <br />