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

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SECTION II. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 6 A. Statutory Authority. Pursuant to M.S. §469.174 through §469.179, the City seeks to modify TTF District No. 6, which was f'rrst adopted on September 12, 1995. B. Statement of Objectives. In addition to the objectives outlined in Section I, Subdivision C hereof, the City seeks to achieve the following objectives through the Plan for TIF District No. 6: 1. Provide employment opportunities within the City; 2. Improve the tax base of the City and the general economy of the City and State; 3. Encourage development in an ama of the City that has not been utilized to its full potential; 4. Improve water and sanitary sewer facilities within a portion of the City guided for industrial use; and 5. Implement relevant portions of the Comprehensive Plan. C. Statement of Public Purpose. In amending the Development Program and the TIF Plan for TIF District No. 6, the City Council intends to make the following findings: Anticipated development would not reasonably be expected to occur solely through private investment, within the reasonably foreseeable future, and the increased market value of the site that could reasonably be expected to occur without the use of mx increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. The TH: Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the District by private enterprise; and 3. The TIF Plan conforms to general plans for development of the City as a whole. The finding in 'paragraph 1, above, is demonstrated by the City's determination that no development of this site would be possible without financial assistance inconstmction of utilities to serve the area and other public development costs described in this TI2~ Plan, as demonstrated by memos and reports on file in City Hall. 8 I I I I I I I I I I I I I I I I I I I