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development of an eighty-five thousand (85, 000 ) square foot <br /> • manufacturing facility employing up to one hundred seventy-five <br /> ( 175 ) people. <br /> 4 . To provide financing for additional public <br /> improvements and other assistance necessary for the continued <br /> development and expansion of the Elk River Industrial Park. <br /> 5 . To provide financing for additional public <br /> improvements within the Development District as found by the <br /> City Council to be necessary or appropriate to meet the <br /> purposes of the Development District. <br /> 6 . To provide opportunities for the development of land <br /> within the Development District; <br /> 7 . To provide increased employment in the City; <br /> • 8 . To preserve and enhance the tax base of the City; <br /> 9 . To provide maximum opportunity, consistent with the <br /> needs of the City, for development by private enterprise. <br /> B. CLASSIFICATION OF THE TIF DISTRICT <br /> The TIF District will discourage commerce, industry, and <br /> manufacturing from moving their operations to another state by <br /> making sites available for those and other uses in the City, it <br /> will result in increased employment in the City, and it will <br /> result in the preservation and enhancement of the tax base of <br /> the City. The TIF District is located entirely within the <br /> City' s Development District No. 1 , a development project <br /> undertaken in accordance with Minnesota Statutes Section <br /> 469 . 124, et seq. Therefore, pursuant to Minnesota Statutes <br /> § 469 . 174, subd. 12, the TIF District qualifies as an economic <br /> development tax increment financing district. <br /> 4 . <br />