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• TAX INCREMENT FINANCING PLAN <br />TAX INCREMENT FINANCING DISTRICT NO. 13 <br />A. STATEMENT OF OBJECTNES <br />Tax Increment Financing District No. 13 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 Develo meat Program, are hereby incorporated into this Tax <br />Increment ~inancin Plan. Attached as Exhibit A is a map of <br />Development District No. 1. <br />The specific objectives of the Tax Increment Financing Plan for Tax <br />Increment Financing District No. 13 are: <br />1. To provide pay-as-you-go reimbursement for the acquisition <br />price of a three (3) to five (5) .acre site to be platted in the <br />Country Crossin Business Center (Business Park) (the <br />development site; <br />2. To encourage a manufacturing company to expand in the <br />Business Park; said expansion includes the construction of a <br />new facility estimated at approximately .15,000 square feet; <br />3. To increase employment opportunities in the community and <br />in the State of Minnesota; said expansion will create six (6) <br />full-time positions and ten (10) positions will be retained; and, <br />4. To preserve and enhance the local tax base and the tax base <br />in the State of Minnesota; said a ansion will generate <br />property taxes of approximately $30,700. <br />B. CLASSIFICATION OF THE DISTRICT <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. 13 is to encourage the expansion of a manufacturing company in <br />the Business Park, thereby increasing local employment opportunities <br />• <br />