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More important is the negative impact on all taxing <br /> • jurisdictions if the TIF District is not created and the <br /> Alltool facility not constructed. This would mean the <br /> relocation of Alltool outside of the City of Elk River. The <br /> abandonment of their existing facility would mean a loss of <br /> this tax base for all taxing jurisdictions . <br /> I. S'ruDIES AND ANALYSIS USED TO DETERMINE THE NEED FOR TAX <br /> INCREMENT FINANCING <br /> The City Council ' s determination that the Alltool project <br /> cannot reasonably be expected to occur solely through private <br /> investment within the reasonably foreseeable future, and that <br /> therefore the use of tax increment financing is necessary, has <br /> been made after careful consideration and analysis of <br /> communications received from and discussions had with the <br /> • owners of Alltool . Through these communications and <br /> discussions it has been determined that the Alltool project <br /> will not proceed solely with private investment and that public <br /> participation in the form of tax increment financing is <br /> necessary in order for the project to occur and the objectives <br /> of the development program and the TIF plan to be met . <br /> J. ADMINISTRATIVE PROCEDURES AND REQUIREMENTS <br /> 1 . Modification of the TIF Plan or Change in Boundaries <br /> of the T..F District <br /> Pursuant to Minn. Stat . § 469 . 175 , subd. 4, any <br /> modification of this TIF Plan which would: provide for any <br /> reduction or enlargement of the geographic area of the <br /> Development District or the TIF District; increase the amount <br /> • of bonded indebtedness to be incurred; increase or decrease the <br /> 14 . <br />