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

Home

AMENDED TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1. A. Statutory_ Authority. The City hereby modifies the TIF Plan for TIF District No. 1 pursuant to the Act and Section 469.175, Subds. 3 and 4 of the TIF Act. (See also Section I.A.) o B. Statement of Obiectives. The objectives outlined in subdivision D of the Development Program are incorporated herein by reference. C. Statement of Public Pumose. In adopting the modified T/F Plan for TIF District No. 1, the City Council will make the following findings: Anticipated development would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and, therefore, the use of TIF is deemed necessary; The TIF Plan as amended will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the District by private enterprise; and o The TIF Plan as amended conforms to general plans for development of the City as a whole. D. Development District Prograr~.. The City is modifying the Development Program for Development District No. 1 simultaneously with this TIF Plan modification. Actions taken with regard to TI:F District No. 1 will be fully consistent with the modified Program. E. Description ofTIF District~ This modification does not alter the boundaries of TIF District No. I. A map of approximate boundaries of the TIF District is attached hereto as Exhibit B. F. Development District Contracts. Pursuant to Section 469.176, Subd. 5 of the TIF Act, no more than 25 percent, by acreage, of the property to be acquired within the DeveloPment District will at any time be owned by the City as a result of acquisition with the proceeds of TI:F Bonds to which tax increments from the acquired property are pledged unless the City has first concluded an agreement for the development or redevelopment of the property. SJB-151910 RA125-$2 6