Agenda - Council - 08/13/1996 - Laserfiche WebLink

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2.02. Section 3. That findings made by the City Council at the time of the adoption of the Program on August 27, 1985, are hereby reaffirmed. Findings; Tax Increment Financing District. 3.01. 3.02. 3.03. That it is found and determined that it is necessary and desirable for the sound and orderly development of the Development District and the City as a whole, 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 De~,elopment Districts. That it is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the modified Plan for TIF District No. 6 could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subn'acting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. That 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. 3.05. That the Plan conforms to the general plan of development of the City as a whole. That the Plan 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. 3.06. That Tax Increment Financing District No. 6 is an economic development district under M.S. §469.174, Subd. I2 of the TIF Act, because the development proposed in the Plan will preserve and enhance the City's tax base. 3.07. That the modification of Tax Increment Financing District No. 6 and the approval of the modified Plan, therefore, is intended, and in the City's judgment its effect will be, to promote the public purposes and accomplish the objectives specified in the Plan. 3.08. That the City elects the method of tax increment computation set forth in M.S. §469.177, Subd. 3, clause (b). 3.09. That the City elects to make a qualifying local contribution in accordance with M.S. §273.1399, Sub& 6(d), in order to qualify TIF District No. 6 for exemption from state aid losses set forth in M.S. §273.1399. .. 3. I 0. That the factual basis for the findings herein are set forth in the Plan. ., Section 4. Program and Plan Adopted; Certification; Filing. 4.01. That the modified Program and the Plan are hereby approved and adopted.