Agenda - Council - 11/24/1998 - Laserfiche WebLink

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I I I :1 I I I I I I I I I I I I I b) c) the modified Program will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Development District by private enterprise; and the Development District and modified Program conform to the general plan for development of the City as set forth in the comprehensive City Plan. Section 3. Findings; TIF District Nos 1, 2,4 and 6. - 3.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development District, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public financial assistance to the TIF and Development Districts. 3.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the modified Program and TIF Plans could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary. The factual basis for this finding is that the only modification proposed in the TIF Plans is to increase expenditures for a combination of public and private improvements throughout the Development District. Significant infrastructure needs remain in parts of the original Development District, and in the area added to the Development District by this modification. Major improvements such as street, sewer and water would not be financially feasible without tax increment assistance; even if some of the improvements were assessable, the amount of assessments required may exceed benefit, and in the City's judgment the assessment burden would impede commercial and industrial development. The TIF Plans also include assistance for a housing facility to be owned by Anoka County Housing and Redevelopment Authority (County HRA) and financed jointly by the City and County HRA. Pro formas for that project indicate that it would not be financially feasible without the tax increment assistance provided in the modified TIF Plans. Finally, the City's historical experience has shown that certain commercial and industrial developments will not occur without tax increment assistance to reduce the cost of land acquisition, site improvements and related development costs. 3.03. The proposed public improvements to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the TIF and Development Districts in terms of development intensity, employment opportunities and tax base. 3.04. The modified TIF Plans conform to the general plan of development of the City as a whole. The factual basis for this finding is that the planning commission has reviewed the modified TIF Plans and confirmed that they conform to the comprehensive city plans. 3.05. The modified TIF Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF and Development Districts by private enterprise. The factual basis for this finding is that all the improvements and developments proposed in the modified TIF Plans are designed to remove impediments to private development and provide assistance necessary to facilitate such development in accordance with the City's. economic development plans. 3.06. This modification does not change the classification or boundaries of any TIF District. TIF District No. 1 remains classified as a redevelopment district under Section 273.73, subd. 10(3) of the TIF Act; TIF District No. 2 remains classified as a redevelopment district under Section 273.73, subd. 10 (a)(2) of the TIF Act; TIF District No. 4 remains classified as a redevelopment district under Section 469.174, Subd. 10(a)(2) of the TIF Act request for; and District No. 6 remains an economic development district under Section 469.174, subd. 12 of the TIF Act (all statutory cites as of the date of request for certification). SJB- 153315 RA 125-52