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<br />e <br /> <br />e <br /> <br />e <br /> <br />TAX INCREMENT FINANCING PLAN <br />TAX INCREMENT FINANCING DISTRICT NO. 12 <br /> <br />A. <br /> <br />STATEMENT OF OBJECTIVES <br /> <br />Tax Increment Financing District No. 12 is located <br />entirely within the City's Development District No.1, a <br />Municipal Development District created and established <br />pursuant to the Development District Act. The Development <br />Program for Development District No.1, was adopted by the <br />City Council on April 1, 1985, and was amended on January <br />27, 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. 12 are: <br /> <br />1. To provide opportunities for the redevelopment of <br />land within Development District No.1; <br /> <br />2. <br /> <br />To eliminate a blighted area within the Elk River <br />Central Business District; <br /> <br />3. <br /> <br />To preserve and enhance the tax base of the City; and, <br /> <br />4. <br /> <br />To provide maximum <br />needs of the City, <br />enterprise. <br /> <br />opportunity, consistent with the <br />for development by private <br /> <br />B. CLASSIFICATION OF THE 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 a Redevelopment Tax Increment Financing <br />District in the City of Elk River pursuant to the <br />provisions of the Tax Increment Financing Act, Minnesota <br />Statutes 469.174, Subdivision 10. The purpose of Tax <br />Increment Financing District No. 12 is to encourage the <br />redevelopment of a blighted area in the Elk River Central <br />Business District, thereby increasing local employment <br />opportunities and preserving and enhancing the local tax <br />base and the tax base of the State of Minnesota. <br /> <br />The City Council of the City of Elk River finds that 100% <br />of the parcels included in proposed Tax Increment <br />Financing District No. 12 are occupied by improvements <br />