Laserfiche WebLink
City of Elk River, Minnesota <br />SPRINGSTED Page 2 <br /> <br /> <br />SECTION II – TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING (HOUSING) DISTRICT NO. 25 <br /> <br />Section A Definitions <br /> <br />The terms defined in this section have the meanings given herein, unless the context in which they are used <br />indicates a different meaning: <br /> <br />"City" means the City of Elk River, Minnesota; also referred to as a "Municipality". <br /> <br />"Council" means the City Council of the City; also referred to as the "Governing Body". <br /> <br />"County" means Sherburne County, Minnesota. <br /> <br />"Development District" means Development District No. 1 in the City, which is described in the corresponding <br />Development Program. <br /> <br />"Development Program" means the Development Program for the Development District. <br /> <br />"Project Area" means the geographic area of the Development District. <br /> <br />"School District" means Independent School District No. 728, Minnesota. <br /> <br />"State" means the State of Minnesota. <br /> <br />"TIF Act" means Minnesota Statutes, Sections 469.174 through 469.1794, both inclusive. <br /> <br />"TIF District" means Tax Increment Financing (Housing) District No. 25. <br /> <br />"TIF Plan" means the tax increment financing plan for the TIF District (this document). <br /> <br /> <br />Section B Statutory Authorization <br /> <br />See the Development Program for the Development District. <br /> <br /> <br />Section C Statement of Need and Public Purpose <br /> <br />See the Development Program for the Development District. <br /> <br /> <br />Section D Statement of Objectives <br /> <br />See the Development Program for the Development District. <br /> <br /> <br />Section E Designation of Tax Increment Financing District as a <br /> Housing District <br /> <br />Pursuant to the TIF Act, the City seeks to create TIF District No. 25 as a housing district and adopt a TIF Plan for the <br />TIF District. <br />