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<br />SECTION I. <br /> <br />TAX INCREMENT FINANCING PLAN FOR <br />TAX INCREMENT FINANCING DISTRICT NUMBER 1-7 <br /> <br />Subsection 2. 1. Statement of Objectives. <br /> <br />TIF District 1-7 is being created to facilitate development of a 50,000 square foot industrial building on <br />a parcel east of Royal Oaks Industrial Park. See Section I, Development Program for Development <br />District No.1, Subsection B, Statement of Objectives. <br /> <br />Subsection 2.2. Develooment Proaram. <br /> <br />See Section I, Development Program. <br /> <br />Subsection 2.3. Parcels to be Included in Tax Increment Financina District No. 1-7. <br /> <br />The following parcels are located In the City of Centerville, County of Anoka, State of Minnesota: <br /> <br />A portion of parcel number - 24-31-22-33-0017 (approximately 3.5 acres) <br /> <br />(See EXHIBIT 1 for the map of Tax Increment Financing District No. 1-7) <br /> <br />Subsection 2.4. Parcels in Acauisition. <br /> <br />The City will not be acquiring all parcels with this development project. <br /> <br />Subsection 2.5. Develooment District Activities in Develooment District No.1 for which Contracts <br />have been Sianed. <br /> <br />The following contracts have been entered into by the City and the persons named below: <br /> <br />Subsection 2.6. Other Soecific Develooment Exoected to Occur within Develooment District No.1. <br /> <br />50,000 square foot industrial development (See EXHIBIT 4) <br /> <br />-Page1- <br /> <br />Iv)! <br />