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a <br /> TAX INCREMENT FINANCING PLAN <br /> TAX INCREMENT FINANCING DISTRICT NO. 4 <br /> ill • A. STATEMENT OF OBJECTIVES <br /> Tax Increment Financing District No . 4 is located <br /> entirely within the City' s Development District No. 1 , a <br /> municipal development district created and established pursuant <br /> to the Development Districts Act . The Development Program for <br /> Development District No . 1 , adopted by the City on April 1 , <br /> 1 1985 , and amended on January 27 , 1986 and November 30 , 1987 , is <br /> attached as Exhibit A to this TIF Plan . The objectives of the <br /> Development District are set forth in the Development Program <br /> and are hereby incorporated into this TIF Plan. <br /> The City Council of the City of Elk River, Minnesota <br /> determines that it is necessary, desirable, and in the public <br /> 411 interest to designate, establish, develop, and administer an <br /> economic development tax increment financing district in the <br /> City of Elk River pursuant to the provisions. of <br /> Sections 469 . 174 to 469 . 179 inclusive, of Minnesota Statutes . <br /> The purpose of the TIF District is to make it possible to <br /> finance certain public improvements required before certain <br /> areas of the City within the Development District can develop. <br /> The Comprehensive Water Plan for the City of Elk River, <br /> 6 dated September 1982 , identified a severe deficiency in the <br /> storage capacity of the existing City water system. The lack <br /> of storage capacity in the water system made it impossible for <br /> IImany areas of the City to be developed for business and <br /> • <br /> I <br /> i <br />