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

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AMENDED TAX INCREMENT FINANCING DISTRICT FOR TAX INCREMENT FINANCING DISTRICT NO. 6 A. Statutory_ Authority. The City, with approval of the City Council, hereby modifies the T1F Plan for T1F District No. 6 pursuant to the Act and Section 469.175, Subds. 3 and 4 of the T1F Act. (See also Section I.A.) - B. Statement of Objectives. The objectives outlined in subdivision D of the Development Program are incorporated herein by reference. C. Statement of Public Purpose,. In adopting the modified TIF Plan for TIF District No. 6, 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 mended will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the District by private enterprise; and The TIF Plan as mended conforms to general plans for development of the City as a whole. D. Development District Progran¥ The City is modifying the Development Program for Development District No. 1 simultaneously with this TIF Plan modification. Actions taken with regard to TIF District No. 6 will be fully consistent with the modified Program. E. Description of TIF District. This modification does not alter the boundaries of TIF District No. 6. A map of approximate boundaries of the TIF District is attached hereto as Exhibit E. F. Development District Contracts. Pursuant to Section 469.176, Subd. 5 of the TIF Act, no more than 10 percent, by acreage, 6f 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 TIF Bonds to which tax SJB-151910 RAIgS-5g 24