Agenda - Council - 04/24/2001 - Laserfiche WebLink

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-92- II Modification to the Development Pro~ram. The City of Ramsey is modifying the development program for Development District No. 1 to allow for the increased costs associated with Tax Increment Financing Districts Nos. 2 as described in the respective modifications to the development programs for Development District No. 1, a copy of which is on file in the office of the City Administrator, and the modifications to the development programs are adopted as the Modification to the Development Program for Development District No. 1. III Tax Increment Financing District No. 2. The City is not modifying the boundaries of Tax Increment Financing Disn'ict No. 2. IV Amendment to the Tax Increment Financing Plan. The Tax Increment Financing Plan for Tax Increment Financing District No. 2 is amended as set forth in the Amendment to the T~x Increment Financing Plan. The City Council makes the following findings with respect to Tax Increment Financing District No. 2: (a) Tax Increment Financing District No. 2 when established was established as a redevelopment district as defined in Mim~esota Statutes, Section 469.174, Subd. 10(a)(1). The City reaffh-ms the t'mdings previously made with respect to the establishment of Tax Increment Financing District'No. 2. (b) The proposed redevelopment in the opinion of the City Cour/cil, would not occur solely through private invesm~ent within the reasonably foreseeable future and therefore the use of tax increment £mancing is deemed necessary. - ' The reasons supporting this finding are that: Private investment will not f'mance 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 Development District No. 1. (c) The Tax Increment Financing Plan, as amended, for Tax Increment Financing District No. 2 conforms to the general plan for development or redevelopment of the City of Ramsey as a whole. The reasons for supporting this finding are that: (i) (ii) Tax Increment FinancIng District No. 2 is properly zoned; and The Tax Increment Financing Plan, as amended, will generally compliment and serve to implement policies adopted in the City's comprehensive plan. (d) The Tax Increment FInancing Plan, as amended, will afford maximum opportunity, consistent with the sound needs of the City of Ramsey as a whole, for the development or redevelopment of Development District No. 1 by private enterprise. The reasons supporting this f'mding are that: The development activities are necessary so that development and redevelopment by private enterprise can occur within Development District No. 1. V Fil.in.~. The City's Tax Increment Financing Specialist is further authorized and directed to file a copy of' the Amendment to the Tax Increment Financing Plan for Tax Increment Financing District No. 2 with the Commissioner of'Revenue. 1212291.2 2 I I I I I ! I I I I I I I I I -I I I i