Agenda - Council - 12/10/1996 - Laserfiche WebLink

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I ! I 29, 1988; Tax Increment District No. 4, which was created on August 11, 1987, and expanded on March 29, 1988; Tax Increment Financing District No. 5, which was created on April' 24, 1990; Tax Increment Financing District No. 6, which was created on September 12, 1996; TIF District No. 7, which is .being created on the date of this modification of the Development Program; or any other TIF DistriCts established in the furore in Development District No. 1. "Tax Increment Financing Act" or "TIF Act" means Minnesota Statutes §469.174 through §469.179, inclusive, as amended. "Tax In~ement Financing Plan" or "Plan" means the TIF Plans, as modified, for T~ District No. 1, ~ District No. 2, TIF District No. 4, TIF District No. 5, TIF District No. 6, TIF District No. 7, "or the Plan or Plans that may be adopted for TIF Districts located within Development Dkstrict No. 1. B. Statutory Authority. The City: has determined that it is necessary, desirable, and in the public interest, to establish, desigrlate, develop and administer a Development Program, for Development District No. 1 in the Cit~/, pursuant to the provisions of the Act. The City has also determined that the funding of the aecessary activities and improvements in Development District No. 1 shall be accomplished in kart or in whole through tax increment financing in accordance with the TYF Act. C. Statement of Public Purpose and Objectives. The City has found that there is a need for new development in a specific area of the City and to encourage development, provide employment opportunities, improve the tax base, and improve the genelml economy of the City and the State. The City Seeks to achieve the following objectives through the Development Program: PrOmote and secure the prompt development of property in Development District No. 1 in a manner consistent with the Comprehensive Plan and with minimal adverse impact on the environment, which property is currently less productive because of the lack of proper utilization and lack of investment; thus promoting and securing the development of other land in the City; o promote and secure additional employment opportunities within Development District No. 1, and the City, for residents of the City and the surrounding area, thereby improving living standards and preventing unemployment and the loss of skilled labor and other human resources in the City; o SeCure the increase of property subject to taxation by the City, the County, Anoka- HeDnepin Independent School Dislrict No. 11, and other taxing jurisdictions, in order to better enable such entities to pay for public improvements and governmental services and programs required to be provided by them; Sequre the construction and provide monies for the payment of the cost of public acSvities or improvements in Development District No. 1, including site improvements and installation of utilities, which are necessary for the orderly and beneficial development of the Development District; Promote the concentration of appropriate development within Development District No.i 1 in order to maintain the area in a manner compatible with its accessibility and prominence in the City; 4