9 PCSR 10-28-1993 - Laserfiche WebLink

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TAX INCREMENT FINANCING PLAN TAX INCREMENT FINANCING DISTRICT NO. 12 A. STATEMENT OF OBJECTIVES Tax Increment Financing District No. 12 is located entirely within the City' s Development District No. 1, a Municipal Development District created and established pursuant to the Development District Act. The Development Program for Development District No. 1, was adopted by the City Council on April 1, 1985, and was amended on January 27, 1986, and November 30, 1987 . The objectives of the Development District, as amended, and as set forth in the Development Program, are hereby incorporated into this Tax Increment Financing Plan. Attached as Exhibit A is a map of Development District No. 1 . The specific objectives of the Tax Increment Financing Plan for Tax Increment Financing District No. 12 are: 1 . To provide opportunities for the redevelopment of land within Development District No. 1; 2 . To eliminate a blighted area within the Elk River • Central Business District; 3 . To preserve and enhance the tax base of the City; and, 4 . To provide maximum opportunity, consistent with the needs of the City, for development by private enterprise. B. CLASSIFICATION OF THE DISTRICT The City Council of the City of Elk River, Minnesota determines that it is necessary, desirable, and in the public interest to designate, establish, develop, and administer a Redevelopment Tax Increment Financing District in the City of Elk River pursuant to the provisions of the Tax Increment Financing Act, Minnesota Statutes 469 . 174, Subdivision 10 . The purpose of Tax Increment Financing District No. 12 is to encourage the redevelopment of a blighted area in the Elk River Central Business District, thereby increasing local employment opportunities and preserving and enhancing the local tax base and the tax base of the State of Minnesota.