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TAX INCREMENT FINANCING PLAN <br />TAX INCREMENT FINANCING DISTRICT NO. 14 <br /> <br />STATEMENT OF OBJECTIVES <br /> <br />Tax Increment Financing District No. 14 is located entirely within <br />the City's Development District No. 1, a Municipal Development <br />District created and established pursuant to the Development <br />District Act. The Development Program for Development District No. <br />1, was adopted by the City Council on April 1, 1985, and was <br />amended on January 27, 1986, and November 30, 1987. The <br />objectives of the Development District, as amended, and as set forth <br />in the Development Program, are hereby incorporated into this Tax <br />Increment Financing Plan. Attached as Exhibit A is a map of <br />Development District No. 1. <br /> <br />The specific objectives of the Tax Increment Financing Plan for Tax <br />Increment Financing District No. 14 are: <br /> <br />To provide pay-as-you-go reimbursement for the acquisition <br />price of Lots 6 and 7, Block 1, McChesney Industrial Park; (the <br />development site); <br /> <br />To encourage a manufacturing company to expand in the <br />McChesney Industrial Park; said expansion includes the <br />construction of a new facility estimated at approximately <br />9,324 square feet; <br /> <br />o <br /> <br />To increase employment opportunities in the community and in <br />the State of Minnesota; said expansion will create <br />approximately 13 full time positions over the next three years <br />and approximately 22 positions will be retained; and, <br /> <br />To preserve and enhance the local tax base and the tax base <br />in the State of Minnesota; said expansion will generate total <br />property taxes of approximately $16,800 including new <br />additional property taxes ol' approximately 14,360. <br /> <br />CLASSIFICATION OF THE DISTRICT <br /> <br />The City Council of the City of Elk River, Minnesota determines <br />that it is necessary, desirable, and in the public interest to <br />designate, establish, develop, and administer an Economic <br />Development Tax Increment Financing District in the City of Elk <br />River pursuant to the provisions of the Tax Increment Financing <br />Act, Minnesota Statutes 469.174, Subdivision 12. The purpose of the <br />Tax Increment Financing Plan and Tax Increment Financing District <br />No. 14 is to encourage the expansion of a manufacturing company in <br /> <br /> <br />