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<br />e <br /> <br />e <br /> <br />e <br /> <br />MODIFICATION OF <br />TAX INCREMENT FINANCING PLANS <br />TAX INCREMENT FINANCING DISTRICT NO. 1 AND NO. 3 <br /> <br />PURPOSE <br /> <br />The sole purpose for this modification (the Modification) of <br />the existing Tax Increment Financing Plans (the TIF Plans) for <br />Tax Increment Financing District No. 1 and No. 3 (the TIF <br />Districts) is to provide supplemental information relating to: A) <br />the financing by the City of Elk River (the City) of the proposed <br />expansion of the Elk River Public Library, 413 Proctor Avenue NW <br />within Development District No.. 1; and, B) the increase in total <br />estimated Tax Increment expenditures authorized by the Plan. The <br />City proposes to assist with the Public Library expansion by <br />expending tax increments from Districts No. 1 and No. 3 to <br />underwrite a portion of the expansion costs as permitted by <br />Minnesota Statutes. <br /> <br />This Modification ratifies and <br />those terms of the TIF Plans and <br />entirety, subject only to the <br />provisions provided herein. <br /> <br />incorporates by reference all <br />their attachments in their <br />Modification and additional <br /> <br />MODIFICATION <br /> <br />The TIF Plans and Minnesota Statutes, Section 469.175, subd. <br />4 require Modification of the TIF Plans in the event additional <br />property is designated to be acquired by the City or in the event <br />there is an increase in total estimated Tax Increment <br />expenditures. Therefore, the TIF Plans are modified and <br />supplemented as follows: <br /> <br />1.) Development Program The goals and objectives <br />TIF Districts and City of Elk River Development District <br />(the Development District) are set forth in the TIF Plans <br />the Development Program for the Development District. <br />goals and objectives include: <br /> <br />of the <br />No. 1 <br />and in <br />These <br /> <br />a.) To provide impetus for business and industrial <br />development by constructing public facilities. <br /> <br />b.) To increase employment opportunities in the City by <br />encouraging additional business and industrial development. <br /> <br />c.) To preserve and enhance the tax base of the City. <br /> <br />d.) To provide financing for public improvements within <br />Development District as found by the City Council to <br />necessary or appropriate to meet the purposes of <br />Development District. <br /> <br />the <br />be <br />the <br />