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City of Elk River, Minnesota <br />SPRINGSTED Page 1 <br /> <br /> <br />SECTION I – MODIFICATION TO THE DEVELOPMENT PROGRAM <br />FOR DEVELOPMENT DISTRICT NO. 1 <br /> <br />Foreword <br /> <br />The following text represents a Modification to the Development Program for Development <br />District No. 1. This modification represents a continuation of the goals and objectives set forth <br />in the Development Program for Development District No. 1. The changes generally include the <br />establishment of Tax Increment Financing (Redevelopment) District No. 24. <br /> <br />For further information, a review of the Development Program for Development District No. 1 is <br />recommended. It is available from the City Administrator at the City of Elk River. Other relevant <br />information is contained in the Tax Increment Financing Plans for the Tax Increment Financing <br />Districts located within Development District No. 1. <br /> <br /> <br /> <br />SECTION II – MODIFICATION TO THE TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING (REDEVELOPMENTG) DISTRICT NO. 24 <br /> <br />Introduction <br /> <br />The following text represents a Modification to the Tax Increment Financing Plan for Tax <br />Increment Financing District No. 1. This modification represents an adjustment to the Estimated <br />Public Costs in Section K to reflect a shifting of specific project cost line items. The total public <br />costs to be financed with tax increment revenues is not being changed. There are no other <br />changes with the modification. <br /> <br /> <br />Section A Definitions <br /> <br />The terms defined in this section have the meanings given herein, unless the context in which <br />they are used indicates a different meaning: <br /> <br /> <br />"City" means the City of Elk River, Minnesota; also referred to as a "Municipality". <br /> <br />"City Council" means the City Council of the City; also referred to as the "Governing Body". <br /> <br />"County" means Sherburne County, Minnesota <br /> <br />"Development District" means Development District No. 1 in the City, which is described in the <br />corresponding Development Program. <br /> <br />"Development Program" means the Development Program for the Development District. <br /> <br />"Project Area" means the geographic area of the Development District. <br /> <br />"School District" means Independent School District No. 728, Minnesota. <br /> <br />"State" means the State of Minnesota. <br /> <br />"TIF Act" means Minnesota Statutes, Sections 469.174 through 469.1794, both inclusive.