Agenda - Planning Commission - 08/06/1996

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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, I990; Tax Increment Financing District No. 6, which was created on September 12, 1995; or any other TIF Districts established in the future in Development District No. 1; "Tax Increment Financing Act" or "TIF Act" means Minnesota Statutes §469.174 through §469.179, inclusive, as amended; "Tax Increment Financing Plan" or "Plan" means the TIF Plans, as modified, for TIF District No. 1, TIF District No. 2, TIF District No. 4, TIF District No. 5, T'fF District No. 6, or the Plan or Plans that may be adopted for other TIF Districts located within Development District No. 1. B. Statutory Authority. The City has determined that it is necessary, desirable, and in the public interest to establish, designate, develop and administer a Development Program for Development District No. 1 in the City, pursuant to the provisions of the Act. The City has also determined that the funding of the necessary activities and improvements in Development District No. 1 shall be accomplished in part or in whole through tax increment f'mancing in accordance with the TIF 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 gerieral economy of the City and the State. The City seeks to ach/eve 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; 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; Secure the increase of property subject to taxation by the City, Anoka County, Anoka-Hennepin Independent School District 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; Secure the construction and provide monies for the payment of the cost of public activities 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; 4