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SECTION II. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT <br /> FINANCING DISTRICT NO. 6 <br /> <br />A. Statutory Authority, <br /> <br />Pursuant to M.S. §469. I74 through §469.179, the City seeks to mod/fy TIF District No. 6, which <br />was f'zrst adopted on September 12, 1995. <br /> <br />B. Statement of Objectives. <br /> <br />In addition to the objectives outlined in Section I, Subdivision C hereof, the City seeks to achieve <br />the following objectives through the Plan for TIF District No. 6: <br /> <br /> 1. Provide employment opportunities within the City; <br /> <br /> 2. Improve the tax base of the City and the general economy of the City and State; <br /> <br /> 3. Encourage development in an area of the City that has not been utilized to its full <br /> potential; <br /> <br /> 4. Improve water and sanitary sewer facilities within a portion of the City guided for <br /> industrial use; and <br /> <br /> 5. -Implement relevant portions of the Comprehensive Plan. <br /> <br />C. Statement of Public Purpose. <br /> <br />In amending the Development Program and the TI]F Plan for TIF District No. 6, the City Council <br />intends to make the following fundings: <br /> <br />Anticipated development would not reasonably be expected to occur solely through <br />private investment, within the reasonably foreseeable future, and the increased <br />market value of the site that could reasonably be expected to occur without the use <br />of tax increment financing would be less than the increase in the market value <br />estimated to result from the proposed development after subtracting the present <br />value of the projected tax increments for the maximum duration of the district <br />permitted by the plan. <br /> <br />The TIF Plan will afford maximum opportunity, consistent with the sound needs of <br />the City as a whole, for development of the District by private enterprise; and <br /> <br />3. The TIF Plan conforms to general plans for development of the City as a whole. <br /> <br />The finding in paragraph 1, above, is demonstrated by the City's determination that no <br />development of this site would be possible without financial assistance in construction of utilities to <br />serve the area and other public development costs described in this TIF Plan, as demonstrated by <br />memos and reports on file in City Hail. <br /> <br />8 <br /> <br /> <br />