Agenda - Planning Commission - 11/02/1998

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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.) 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. 1, the City Council will make the following findings: Anticipated development would not reasonably be expected to occur solely through private investment wi ~tl~in 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 Program. 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. 1 will be fully consistent with the modified Program. E. Description of TIF District. This modification does not alter the boundaries of TIF District No. 1. 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 tn:st concluded an agreement for the development or redevelopment of the property. SJB~I51910 RA125-52 6