Agenda - Council - 06/24/2003 - Laserfiche WebLink

Home

the findings previously made with respect to the establishment of Tax Increment Financing District Nos. 1, 2, 4, 6 and 8. (b) The proposed redevelopment in the opinion of the City Council, would not occur solely Through private investment within the reasonably foreseeable future and therefore the use of tax increment is deemed necessary. The reasons supporting this finding are that: Private investment will not finance these development activities because of prohibitive costs. It is necessary to finance these development activities through the use of tax increment financing so that other development by private enterprise will occur within the Municipal Development District No. 1. (c) The Tax Increment Financing Plans for Tax Increment Financing District Nos. 1, 2, 4, 6 and 8 conform to the general plan for development or redevelopment of the City of Ramsey as a whole. The reasons supporting this finding are: (i) Tax Increment Financing District Nos. 1, 2, 4, 6 and 8 are properly zoned; and (ii) The tax increment financing plans will generally compliment and serve to implement policies adopted in the City's comprehensive plan. (d) The Tax Increment Financing Plans wil! afford maximum opportunity, consistent with the sound needs of the City of Ramsey as a whole, for the development Or redevelopment of Municipal Development D/strict No. 1 by private enterprise. The reasons supporting this-finding are that: The development activities are necessary so that development and redevelopment by private enterprise can occur within Municipal Development District No. 1. Public Purpose. The Amendments to the Tax Increment Financing Plans for Tax Increment Financing District Nos. 1, 2, 4, 6 and 8 conform in all respects to the requirements of the Act and will help fulfill a need to develop an area Of the City which is already built up to provide employment activities and improve the tax base and to improve the general economy of the State and thereby serves as a public purpose. o Filing. The City Administrator is further authorized and directed to file a copy of the Amendments to the Tax Increment Financing Plans for Tax Increment Financing DistriCt Nos. 1, 2, 4, 6 and 8 with the Commissioner of Revenue. - The motion for the adoption of the foregoing resolution was duly seconded by Councilmember and upon vote being taken thereon, the following voted in favor thereof: " -149-