Agenda - Council - 09/12/1995 - Laserfiche WebLink

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SECTION II. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 6 A. Statutory Authority, Pursuant to Minn. Stat., {[469.174 through {[469.179, the City seeks to create T[F District No. 6 and adopt a TIF Plan for that T[F District. 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: I. Provide employment opportunities within the City; 2. Improve the tax base of the City and the general economy of the City and State; Encourage development in an area of the City that has not been utilized to its fult potential; Improve water and sknitary sewer facilities within a portion of the City guided for residential use; and 5. Implement relevant portions of the Comprehensive Plan. C. Statement of Public Purpose. In amending the Development Program and adopting the TI~ Plan for TIF Diswict 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 tax increment f'mancing 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 TIF 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 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 tiffs 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. D. Development District Program. The City created Development District No. 1 on August 27, I985, and modified the Program on June 30, 1986, August 12, 1986, June 9, 1987, August 11, 1987, March 29, 1988, April 26, 11988, July 26, 1988, November 14, 1989, April 24, 1990, July 31, 1990, March 8, 1994, and December 13, 1994. The City is not modifying the boundaries of the Development District at this time. Printed 8/11/95 Page 8 Draft I I I I [[ I ! I I' I I I I I I I I