Agenda - Council - 12/12/2000 - Laserfiche WebLink

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'1 I I I I I I I I I i I I I I I I I I (d) The Tax Increment Financing Plan 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. l 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 Development District No. 1. 7. Public Purpose. The Tax Increment Financing Plan for Tax Increment Financing District No. 8 conforms in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State which is already built up to provide employment opportunities to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. 8. Exemption from LGA/HACA. Pursuant to Minnesota Statutes, Section 273.1399, Subdivision 6, as amended, the City elects to make a qualifying local contribution to the project from unrestricted money of the City in an amount equal to 5% of the annual tax increments from Tax Increment Financing District No. 8. Such local contribution shall not exceed 2% of the net tax capacity of the City. 9. Certification. The Auditor of Anoka County is requested to certify the original net tax capacity of Tax Increment Financing District No. 8 as described in Tax Increment Financing Plan, and to certify in each year thereafter the amount by which the original net tax capacity has increased or decreased in accordance with the Act; and the City's Tax Increment Financing Specialist is authorized and directed to forthwith transmit this request to the County Auditor in such form and' content as the Auditor may specify, together with a list of all properties within Tax Increment Financing District No. 8 for which building permits haVe been issued during the 18 months immediately preceding the adoption of this Resolution. 10. Filing. 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 and the Tax Increment Financing Plan for Tax Increment Financing District No. 8 with the Commissioner of Revenue. 11. Fiscal Disparities Election. The City elects to calculate fiscal disparities for Tax Increment Financing District No. 8 in accordance with Minnesota Statutes, Section 469.177, Subdivision 3, clause b. 12. Ratification of Notice Publication. Ail prior actions taken by the staff of the City in causing the notice of public hearing which is attached to this resolution as Exhibit A to be published as required by the Act is hereby ratified, affirmed and approved. 1212291.2 . 5 -157-