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• <br /> MODIFICATION OF <br /> TAX INCREMENT FINANCING NO. 3 <br /> TAX INCREMENT FINANCING DISTRICT NO. 3 <br /> Purpose <br /> The sole purpose of this modification (the Modification) of the existing Tax <br /> Increment Financing Plan No. 3 (the TIF Plan) for Tax Increment Financing <br /> District No. 3 (the TIF District) is to provide supplemental information <br /> relating to the increase in total estimated tax increment expenditures <br /> authorized by the Plan. The City of Elk River proposes to provide a means <br /> for financing certain public infrastructure improvements, redevelopment <br /> activities, and Business Park and Industrial Park activities as authorized by <br /> Minnesota Statutes. <br /> This Modification ratifies and incorporates by reference, all of the terms of <br /> • the Tax Increment Plan and its attachments in their entirety, subject only to <br /> the Modification and additional provisions provided herein. <br /> Modification <br /> The TIF Plan and Minnesota Statutes, Section 469.175, subd. 4, require <br /> modification of a TIF Plan in the event additional property is designated to <br /> be acquired by the city or in the event there is an increase in total estimated <br /> tax increment expenditures. Therefore, the TIF Plan is modified and <br /> supplemented as follows: <br /> 1.) Development Program - The goals and objectives of the TIF <br /> District and City of Elk River Development District No. 1 (the <br /> Development District) are set forth in the TIF Plan and the <br /> 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 />