Agenda - Council - 01/25/2000 - Laserfiche WebLink

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Section 3. The City finds and determines that the provisions for redevelopment activities and the resultant benefits are in the public interest of the City and the expenditures of the District are a pub'.ic purpose. Section 4. The City finds and determines that the District is a Redevelopment District because it ,.'All result in the redevelopment of blighted, substandard property and the preservation and enhapoement of the tax base of the City. Facts for this determination are set forth in the Plan and shall be retained and made available to the public until the District has been terminated. .~ 'et/on 5. That it is hereby found and determined thc ::,roposed developr?nt, in the opinion c ' ':he City would no't reasonably be expected to occu~ solely through pri'.'ate investment within ti- . :asonably foreseeable future and that the increased market value of the site that could reasona~ ~,, be expected to occur without the use of tax incren'.2nt financing wou!(~ be less than the increasr: :'- the market value estimated to result from the prol~ ;3ed development after subtracting the pre~.r, ~'c. lue of the projected tax increments for the maxi.,mm duration of t'~ District permitte~ . ~' the Plan. ,~c-tion 6. That it is hereby found and determined the Plan conforms to t'he general plan for the ._~-,,elopment of the City as a whole. 'etion 7. That it is hereby found and determined thc 01an will afford: '~'aximum opportu,~ :::', consistent with the sound needs of the municipa~ 27 as a whole, for '~_.: development or redeve",pment of the Project by private enterprise. oection 8. That the reasons and supporting facts fo~' finding 4, 5, 6 & 7 ~,'~ described in the Plan~ and in memos on file in City Hail. £ :ztion 9. Pursuant to Minnesota Statutes, Section~ 273.1399, the City Council elects to pledge i, ocal contributions in an amount equal to 5% of the tax increment revenues utilized. Section 10. The City elects to retain tax increment revenues generated in the District pursuant ~o clause (b) of Minnesota Statutes, Section 469.177, Subd. 3. By making this election, tax increment revenues generated within the District will be made available for calculation on sharing with the fiscal disparity provisions of Chapter 473 F. Section 11. That the City Clerk is hereby directed to file a copy of this resolution and a copy of thc P/an with the Minnesota Department of Revenue. Section 12. That the City hereby states its intention to use all of the captured tax capacity for purposed of tax increment financing as per the condition set forth in the Plan. Section 13. The City Clerk shall request the auditor of Anoka County to certify the original net tax capacity and original local tax rate of the District approved by this resolution. Section 14. The City designates City staff as the party responsible for the administration of the District.