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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 lVl~nn. Stat., §469.174 through {}469.179, the City seeks to create TIF District No. 6 <br />and adopt a TIF Plan for that TIF District. <br /> <br />B. Statement of Objectives. <br /> <br />In addition to ~e 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. trnprove the tax base of the City and the general economy of the City and State; <br /> <br />Encourage development in an area of the City that has not been utilized to its full <br />potential; -. <br /> <br />improve water and s~mitary sewer facilities within a portion of the City guided for <br />i'esidential 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 adopting the TIF Plan for TIF District No. 6, the City <br />Council intends to make the following findings: <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 />o <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 ia paragraph 1, above, is demonstrated by the City's determination that no <br />development o~this site would be possible without financial assistance in construction of utilities to <br />serve the area, as demonstrated by memos and reports on file in City Hall. <br /> <br />D. Development District Program. <br /> <br />The City created Development District No. 1 on August 27, 1985, and modified the Program on <br />June 30, 1986,!' August 12, 1986, June 9, 1987, August 11, 1987, March 29, 1988, April 26, <br />1988, July 26, t988, November 14, 1989, April 24, 1990, July 31, 1990, March 8, 1994, and <br />December 13, 1994. The City is not modifying the boundaries of the Development District at this <br />time. <br /> <br />Printed 8/11/95 <br /> <br />Page 8 <br /> <br />Draft <br /> <br /> <br />