5.10 PCSR 05-24-1994 - Laserfiche WebLink

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• MODIFICATION OF TAX INCREMENT FINANCING PLANS TAX INCREMENT FINANCING DISTRICT NO. 1 AND NO. 3 PURPOSE The sole purpose for this modification (the Modification) of the existing Tax Increment Financing Plans (the TIF Plans) for Tax Increment Financing District No. 1 and No. 3 (the TIF Districts) is to provide supplemental information relating to: A) the financing by the City of Elk River (the City) of the proposed expansion of the Elk River Public Library, 413 Proctor Avenue NW within Development District No. 1; and, B) the increase in total estimated Tax Increment expenditures authorized by the Plan. The City proposes to assist with the Public Library expansion by expending tax increments from Districts No. 1 and No. 3 to underwrite a portion of the expansion costs as permitted by Minnesota Statutes. This Modification ratifies and incorporates by reference all those terms of the TIF Plans and their attachments in their entirety, subject only to the Modification and additional provisions provided herein. • MODIFICATION The TIF Plans and Minnesota Statutes, Section 469.175, subd. 4 require Modification of the TIF Plans in the event additional property is designated to be acquired by the City or in the event there is an increase in total estimated Tax Increment expenditures. Therefore, the TIF Plans are modified and supplemented as follows: 1.) Development Program - The goals and objectives of the TIF Districts and City of Elk River Development District No. 1 (the Development District) are set forth in the TIF Plans and in the Development Program for the Development District. These goals and objectives include: a.) To provide impetus for business and industrial development by constructing public facilities. b.) To increase employment opportunities in the City by encouraging additional business and industrial development. c.) To preserve and enhance the tax base of the City. •