5.13 PCSR 05-23-1995 - 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 incentive financing for the sale of Lots 6 and 7, Block 1, McChesney Industrial Park; (the development site); 2. To encourage a manufacturing company to expand in the • McChesney Industrial Park; said expansion includes the construction of a new facility estimated at approximately 16,000 square feet; 3. To increase employment opportunities in the community and in the State of Minnesota; said expansion will create 6 to 10 full time positions and 5 to 11 positions will be retained; and, 4. To preserve and enhance the local tax base and the tax base in the State of Minnesota; said expansion will generate new property taxes of approximately $24,000. 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 an Economic Development 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 12. The purpose of the Tax Increment Financing Plan and Tax Increment Financing District No. 12 is to encourage the expansion of a manufacturing company in • the McChesney Industrial Park, thereby increasing local employment opportunities and preserving and enhancing the local tax base of the State of Minnesota.