7.1. PCSR 03-27-2018 - Laserfiche WebLink

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City of Elk River, Minnesota SECTION II — TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (HOUSING) DISTRICT NO. 25 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". "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. "Project 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 (Housing) District No. 25. "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 Housing District Pursuant to the TIF Act, the City seeks to create TIF District No. 25 as a housing district and adopt a TIF Plan for the TIF District. Housing districts are a type of tax increment financing district that consist of a project intended for occupancy, in part, by persons or families of low and moderate income. Low and moderate income is defined in federal, state, and SPRINGSTED Page 2