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City of Elk River, Minnesota <br />Baker Tilly Municipal Advisors, LLC Page 1 <br />SECTION I – MODIFICATION TO THE DEVELOPMENT PROGRAM <br />FOR DEVELOPMENT DISTRICT NO. 1 <br /> <br />Foreword <br />The following text represents a Modification to the Development Program for Development District No. 1. <br />This modification represents a continuation of the goals and objectives set forth in the Development <br />Program for Development District No. 1. The changes generally include the <br />Establishment of Tax Increment Financing (Economic Development) District No. 29. <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 in the City of Elk River. Other relevant <br />information is contained in the Tax Increment Financing Plans for the Tax Increment Financing Districts <br />located within Development District No. 1. SECTION II –TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT) DISTRICT NO. 29 <br /> <br />Introduction <br />The following text represents the Tax Increment Financing Plan for Tax Increment Financing District No. <br />29. <br /> <br />Section A Definitions <br /> <br />The terms defined in this section have the meanings given herein, unless the context in which they are <br />used indicates a different meaning: <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. <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. <br /> <br />"TIF District" means Tax Increment Financing (Economic Development) District No. 29. <br /> <br />"TIF Plan" means the tax increment financing plan for the TIF District (this document). <br /> <br /> <br />Section B Statutory Authorization <br /> <br />See the Development Program for the Development District. <br />Page 17 of 64