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TAX INCREMENT FINANCING PLAN • <br /> TAX INCREMENT FINANCING DISTRICT NO. 5 <br /> A. STATEMENT OF OBJECTIVES <br /> Tax Increment Financing District No. 5 is located <br /> entirely within the City' s Development District No. 1 , a <br /> municipal development district created and established pursuant <br /> to the Development Districts Act. The Development Program for <br /> Development District No. 1, adopted by the City on April 1, <br /> 1985, and amended on January 27, 1986 and November 30, 1987, is <br /> attached as Exhibit A to this TIF Plan. The objectives of the <br /> Development District are set forth in the Development Program <br /> and are hereby incorporated into this TIF Plan. <br /> The City Council of the City of Elk River, Minnesota <br /> determines that it is necessary, desirable, and in the public • <br /> interest to designate, establish, develop, and administer an <br /> economic development tax increment financing district in the <br /> City of Elk River pursuant to the provisions of <br /> Sections 469 . 174 to 469 . 179 inclusive, of Minnesota Statutes . <br /> The purpose of the TIF District is to acquire a development <br /> site within the Elk River Industrial Park, to correct soil <br /> conditions on this development site, and to make the site <br /> available to an existing industrial employer in the City so <br /> that this employer can relocate and expand its business in the <br /> City of Elk River rather than moving its operations out of the <br /> City. <br /> The City of Elk River Industrial Park was initially • <br /> platted and the first phase developed by Elk River Associated <br />