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• MODIFICATION OF <br /> TAX INCREMENT FINANCING PLANS <br /> TAX INCREMENT FINANCING DISTRICT NO. 1 AND NO. 3 <br /> PURPOSE <br /> The sole purpose for this modification (the Modification) of <br /> the existing Tax Increment Financing Plans (the TIF Plans) for <br /> Tax Increment Financing District No. 1 and No. 3 (the TIF <br /> Districts) is to provide supplemental information relating to: A) <br /> the financing by the City of Elk River (the City) of the proposed <br /> expansion of the Elk River Public Library, 413 Proctor Avenue NW <br /> within Development District No. 1; and, B) the increase in total <br /> estimated Tax Increment expenditures authorized by the Plan. The <br /> City proposes to assist with the Public Library expansion by <br /> expending tax increments from Districts No. 1 and No. 3 to <br /> underwrite a portion of the expansion costs as permitted by <br /> Minnesota Statutes . <br /> This Modification ratifies and incorporates by reference all <br /> those terms of the TIF Plans and their attachments in their <br /> entirety, subject only to the Modification and additional <br /> provisions provided herein. <br /> 111 MODIFICATION <br /> The TIF Plans and Minnesota Statutes, Section 469 . 175, subd. <br /> 4 require Modification of the TIF Plans in the event additional <br /> property is designated to be acquired by the City or in the event <br /> there is an increase in total estimated Tax Increment <br /> expenditures . Therefore, the TIF Plans are modified and <br /> supplemented as follows : <br /> 1 . ) Development Program - The goals and objectives of the <br /> TIF Districts and City of Elk River Development District No. 1 <br /> (the Development District) are set forth in the TIF Plans and in <br /> the Development Program for the Development District. These <br /> goals and objectives include: <br /> a. ) To provide impetus for business and industrial <br /> development by constructing public facilities . <br /> b. ) To increase employment opportunities in the City by <br /> encouraging additional business and industrial development. <br /> c. ) To preserve and enhance the tax base of the City. <br /> d. ) To provide financing for public improvements within the <br /> Development District as found by the City Council to be <br /> • necessary or appropriate to meet the purposes of the <br /> Development District. <br />