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Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-3 way. Any properties identified for acquisition will be acquired by the EDA or City only in order to accomplish one or more of the following: storm sewer improvements; provide land for needed public streets, utilities and facilities; carry out land acquisition, site improvements, clearance and/or development to accomplish the uses and objectives set forth in this plan. The EDA or City may acquire property by gift, dedication, condemnation or direct purchase from willing sellers in order to achieve the objectives of this TIF Plan. Such acquisitions will be undertaken only when there is assurance of funding to finance the acquisition and related costs. Subsection 2-6. Classification of the District The EDA and City, in determining the need to create a tax increment financing district in accordance with M.S., Sections 469.174 to 469.1799, as amended, inclusive, find that the District, to be established, is an economic development district pursuant to M.S., Section 469.174, Subd. 12 as defined below: "Economic development district" means a type of tax increment financing district which consists of any project, or portions of a project, which the authority finds to be in the public interest because: (1) it will discourage commerce, industry, or manufacturing from moving their operations to another state or municipality; or (2) it will result in increased employment in the state; or (3) it will result in preservation and enhancement of the tax base of the state. The District is in the public interest because it will meet the statutory requirement from clause 1, 2 and 3. Pursuant to the Special Legislation, Subd. 2(d), the limitations on spending increment outside of the district under M.S., Section 469.1763, Subd. 2, and on spending increment for developments more than 15 percent of the square footage of which is used for purposes other than those listed in M.S., Section 469.176, Subd. 4c, do not apply. Pursuant to M.S., Sections 469.176 Subd. 7, the District does not contain any parcel or part of a parcel that qualified under the provisions of M.S., Sections 273.111 or 273.112 or Chapter 473H for taxes payable in any of the five calendar years before the filing of the request for certification of the District. Pursuant to the Special Legislation, Subd. 1(a), City may establish within the corporate boundaries of the City one or more economic development tax increment financing districts subject to the special rules under subdivision 2 and the districts must be located on property that is exempt from taxation for property taxes payable in 2005 and within the area defined in paragraph (b). The Special Legislation, Subd. 3 allows the authority to establish tax increment financing districts under the Special Legislation until December 31, 2015. Subsection 2-7. Duration of the District Pursuant to M.S., Section 469.175, Subd. 1, and M.S., Section 469.176, Subd. 1, the duration of the District must be indicated within the TIF Plan. Pursuant to the Special Legislation, Subd. 2(b), the duration of the District will be 25 years after receipt of the first increment by the EDA or City. The date of receipt by the City of the first tax increment is expected to be 2007. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2032, or when the TIF Plan is satisfied. The EDA or City reserves the right to decertify the District prior to the legally required date.