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relocation sites , including sites outside of the City of Elk • <br /> River. Alltool has advised the City that it will relocate to <br /> Phase II of the Industrial Park if the City assists in the <br /> acquisition of land for this purpose. <br /> The purpose of the TIF District, therefore, is to acquire <br /> and correct soil conditions on a development site in Phase II <br /> of the Elk River Industrial Park for the relocation of Alltool . <br /> This will allow Alltool to remain in and to expand in the City <br /> of Elk River, resulting in increased employment in the City and <br /> the preservation and enhancement of the City's tax base. The <br /> cost of acquiring and correcting soil conditions on this <br /> development site will be recaptured from tax increment <br /> generated by the new Alltool facility to be constructed on the <br /> site. Furthermore, the funds paid to Elk River Associated • <br /> Investors for purchase of the site will be applied, in part, to <br /> the repayment of outstanding special assessments and taxes <br /> against the Industrial Park. <br /> The specific objectives of the TIF District are as <br /> follows : <br /> 1 . To provide financing for the acquisition of certain <br /> property ( specifically identified in Section C. 2 below) located <br /> within Phase II of the Elk River Industrial Park. <br /> 2 . To provide financing for the correction of soil <br /> conditions on the property identified in Section C. 2 below. <br /> 3 . To acquire and correct soil conditions on the <br /> property identified in Section C . 2 below for conveyance of the <br /> property to Alltool Company, to be used by Alltool for the • <br /> 3 . <br />