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

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I I I I I I I I I SECTION II. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 7 A. Statutory Authority. Pursuant to Mira3. Stat., §469.174 through §469.I79, the City seeks to create TIF District No. 7 and adopt a TIF plan for that TIF District. B. S~atement of Objectives. In addition to the objectives outlined in Section 1, Sub& C hereof, achieve the following objectives through the Plan for TIF District No. 2: the City seeks to 1. Provide employment opportunities within the City; 2. Irrlprove the tax base of the City and the general economy of the City and State; o o Encourage redevelopment in an area of the City that has not been utilized to its full Potential; gu~drove street, water and sanitary sewer facilities within a portion of the City ed for industrial use; Provide commercial site improvements for properties that are not otherwise likely to be developed according to the City's development goals.; and Implement relevant Portions of the Comprehensive Plan. C. Statement of Public Purpose. In amending the Development Program and adopting the TIF Plan for TIF District No. 7, the City Council intends to make the following f'mdings: Anticipated development would not reasonably be expected to occur solely through pric, ate investment, within the reasonably foreseeable future, and the increased matlket value of the site that could reasonably be expected to occur without the use of thx increment f'mancing would be less than the increase in .the market value esti~mted to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district perrh/tted by the plan; The.TTF 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 p~agraph 1, above, is demonstrated by the City's determination that no development of thisl site would be possible without financial assistance in construction of utilities to serve the area, as demonstrated by memos and reports on file in City Hall. 8