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11) <br /> AC. ECONOMIC DEVELOPMENT AND JOB CREATION <br /> To the extent applicable, the City agrees to comply with Minnesota Statutes, Section 116).991, <br /> which states that a business receiving state or local government assistance for economic <br /> development or job growth purposes, including tax increment financing, must create a net increase <br /> in jobs and meet wage level goals in Minnesota within two years of receiving assistance (See <br /> Appendix C). <br /> AD. SUMMARY <br /> The City of Elk River is establishing Tax Increment Financing District No. 17 to preserve and <br /> enhance the tax base, to develop underutilized areas, and increase employment of the City. The <br /> Tax Increment Financing Plan for Tax Increment Financing District No. 17 was prepared by the <br /> City of Elk River, 13065 Orono Parkway, Elk River, Minnesota 55330, telephone (612) 441-7420. <br /> 11111 <br /> • <br /> Tax Increment Financing District No 17 Page 11-16 <br />