5.1 PCSR 06-27-2017 - Laserfiche WebLink

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City of Elk River, Minnesota SECTION II — TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (REDEVELOPMENTG) DISTRICT NO. 24 Section A Definitions The terms defined in this section have the meanings given herein, unless the context in which they are used indicates a different meaning: "City„ means the City of Elk River, Minnesota; also referred to as a "Municipality ". "City Council" means the City Council of the City; also referred to as the "Governing Body ". "County„ means Sherburne County, Minnesota "Development District" means Development District No. 1 in the City, which is described in the corresponding Development Program. "Development Program" means the Development Program for the Development District. "Protect Area" means the geographic area of the Development District. "School District" means Independent School District No. 728, Minnesota. "State" means the State of Minnesota. "TIF Act" means Minnesota Statutes, Sections 469.174 through 469.1794, both inclusive. "TIF District" means Tax Increment Financing (Redevelopment) District No. 24 "TIF Plan" means the tax increment financing plan for the TIF District (this document). Section B Statutory Authorization See the Development Program for the Development District. Section C Statement of Need and Public Purpose See the Development Program for the Development District. Section D Statement of Objectives See the Development Program for the Development District. Section E Designation of Tax Increment Financing District as a Redevelopment District Redevelopment districts are a type of tax increment financing district in which one or more of the following conditions exists and is reasonably distributed throughout the district: (1) parcels comprising at least 70% of the area of the district are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures and more than 50% of the buildings, not including SPRINGSTED Page 2