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<br />e <br /> <br />e <br /> <br />. <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 increase in total estimated Tax Increment expenditures <br />authorized by the Plan. The City proposes to assist with a <br />redevelopment project by paying for certain public redevelopment <br />costs authorized by 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 Proqram 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 the <br />Development District as found by the City Council to be <br />necessary or appropriate to meet the purposes of the <br />Development District. <br /> <br />The TIF Plans state that tax increment generated by the TIF <br />Districts will be used for public improvements and facilities <br />determined by the City Council to be necessary and appropriate to <br />meet the purposes of the Development Program. The City Council <br />