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• TAX INCREMENT FINANCING PLAN <br /> TAX INCREMENT FINANCING DISTRICT NO. 15 <br /> A. STATEMENT OF OBJECTIVES <br /> Tax Increment Financing District No. 15 is located entirely within <br /> the City's Development District No. 1, a Municipal Development <br /> District created and established pursuant to the Development <br /> District Act. The Development Program for Development District No. <br /> 1, was adopted by the City Council on April 1, 1985, and was <br /> amended on January 27, 1986, and November 30, 1987. The <br /> objectives of the Development District, as amended, and as set forth <br /> in the Development Program, are herey incorporated into this Tax <br /> Increment Financing Plan. Attached as Exhibit A is a map of <br /> Development District No. 1. <br /> The specific objectives of the Tax Increment Financing Plan for Tax <br /> Increment Financing District No. 15 are: <br /> 1. To provide pay-as-you-go reimbursement for the value of Lot 9, <br /> Block 1, McChesney Industrial Park; (the development site); <br /> 2. To encourage a manufacturing company to expand in the <br /> • McChesney Industrial Park; said expansion includes the <br /> construction of a new facility estimated at approximately <br /> 10,000 square feet; <br /> 3. To increase employment opportunities in the community and in <br /> the State of Minnesota; said expansion will create <br /> approximately two (2) full time positions over the next three (3) <br /> years and approximately two (2) positions will be retained; and, <br /> 4. To preserve and enhance the local tax base and the tax base <br /> in the State of Minnesota; said expansion will generate total <br /> property taxes of approximately $12,600 including new <br /> additional property taxes of approximately $11,400. <br /> B. CLASSIFICATION OF THE DISTRICT <br /> The City Council of the City of Elk River, Minnesota determines <br /> that it is necessary, desirable, and in the public interest to <br /> designate, establish, develop, and administer an Economic <br /> Development Tax Increment Financing District in the City of Elk <br /> River pursuant to the provisions of the Tax Increment Financing <br /> Act, Minnesota Statutes 469.174, Subdivision 12. The purpose of the <br /> Tax Increment Financing Plan and Tax Increment Financing District <br /> • <br /> No. 15 is to encourage the expansion of a manufacturing company in <br /> the McChesney Industrial Park, thereby increasing local employment <br />