Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />B. <br /> <br />. <br /> <br />TAX INCREMENT FINANCING PLAN <br />TAX INCREMENT FINANCING DISTRICT NO. 9 <br /> <br />A. <br /> <br />STATEMENT OF OBJECTIVES <br /> <br />Tax Increment Financing District No. 9 is located entirely <br />within the City's Development District No.1, a Municipal <br />Development District created and established pursuant to <br />the Development District Act. The Development Program for <br />Development District No.1, was adopted by the City <br />Council on April 1, 1985, and was amended on January 27, <br />1986, and November 30, 1987. The objectives of the <br />Development District, as amended, and as set forth in the <br />Development Program, are hereby incorporated into this Tax <br />Increment Financing Plan. Attached as Exhibit A is a map <br />of Development District No.1. <br /> <br />The specific objectives of the Tax Increment Financing <br />Plan for Tax Increment Financing District No. 9 are: <br /> <br />1. To provide incentive financing for the sale of Lots 1, <br />2, and 3, Block 2, Elk River Industrial Park 2nd <br />Addition; (the development site); <br /> <br />2. <br /> <br />To encourage a manufacturing company to expand in the <br />Elk River Industrial Park; said expansion includes <br />the construction of a new facility estimated at <br />approximately 30,000 square feet; <br /> <br />3. To increase emploYment opportunities in the community <br />and in the State of Minnesota; said expansion will <br />create 45 to 60 permanent full time positions; and, <br /> <br />4. To preserve and enhance the local tax base and the <br />tax base in the State of Minnesota; said expansion <br />will generate new property taxes of approximately <br />$43,300. <br /> <br />CLASSIFICATION OF DISTRICT <br /> <br />The City Council of the City of Elk River, Minnesota <br />determines that it is necessary, desirable, and in the <br />public interest to designate, establish, develop, and <br />administer an Economic Development District in the City of <br />Elk River pursuant to the provisions of the Tax Increment <br />Financing Act, Minnesota Statutes 469.174 to 469.179, <br />inclusive. The purpose of the Tax Increment Financing <br />Plan is to encourage the expansion of a manufacturing <br />company in the Elk River Industrial Park, thereby <br />increasing local emploYment opportunities and preserving <br />and enhancing the local tax base and the tax base of the <br />State of Minnesota. <br />