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TAX INCREMENT FINANCING PLAN <br /> TAX INCREMENT FINANCING DISTRICT NO. 9 <br /> A. STATEMENT OF OBJECTIVES <br /> Tax Increment Financing District No. 9 is located entirely <br /> within the City's Development District No. 1, a Municipal <br /> Development District created and established pursuant to <br /> the Development District Act. The Development Program for <br /> Development District No. 1, was adopted by the City <br /> Council on April 1, 1985, and was amended on January 27, <br /> 1986, and November 30, 1987. The objectives of the <br /> Development District, as amended, and as set forth in the <br /> Development Program, are hereby incorporated into this Tax <br /> Increment Financing Plan. Attached as Exhibit A is a map <br /> of Development District No. 1 . <br /> The specific objectives of the Tax Increment Financing <br /> Plan for Tax Increment Financing District No. 9 are: <br /> 1 . To provide incentive financing for the sale of Lots 1, <br /> 2, and 3, Block 2, Elk River Industrial Park 2nd <br /> Addition; (the development site) ; <br /> 411 2 . To encourage a manufacturing company to expand in the <br /> Elk River Industrial Park; said expansion includes <br /> the construction of a new facility estimated at <br /> approximately 30,000 square feet; <br /> 3. To increase employment opportunities in the community <br /> and in the State of Minnesota; said expansion will <br /> create 45 to 60 permanent full time positions; and, <br /> 4 . To preserve and enhance the local tax base and the <br /> tax base in the State of Minnesota; said expansion <br /> will generate new property taxes of approximately <br /> $43,300 . <br /> B. CLASSIFICATION OF DISTRICT <br /> The City Council of the City of Elk River, Minnesota <br /> determines that it is necessary, desirable, and in the <br /> public interest to designate, establish, develop, and <br /> administer an Economic Development District in the City of <br /> Elk River pursuant to the provisions of the Tax Increment <br /> Financing Act, Minnesota Statutes 469 . 174 to 469 . 179, <br /> inclusive. The purpose of the Tax Increment Financing <br /> Plan is to encourage the expansion of a manufacturing <br /> company in the Elk River Industrial Park, thereby <br /> increasing local employment opportunities and preserving <br /> and enhancing the local tax base and the tax base of the <br /> State of Minnesota. <br />