Agenda - Council - 03/08/1994 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I 1988; Tax Increrfient Financing District No. 5, which was created on April 24, 1990; or any other TIF Districts esta$1ished in the future in Development District No. 1; "Tax Inerq~ment Financing Act" or "TIF Act" means Minnesota Statutes §469.174 through §469.179, InclusiVe, as amended; and "Tax Inerpment 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, or the Plan or Plans that may be adopted fclr TIF Districts located within Development District No. 1. B. St~,tutorv Authority. The City 13as determined that it is necessary, desirable and in the public interest to establish, designate, develol~ and administer a Development Program for Development District No. 1 in the City, pursuant to .hhe 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 throu ~h tax increment financing in accordance with the TIF Act. C. St~telneqt 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 encouragei development, provide employment opportunities, improve the tax base and improve the gene .r~l economy of the City and the State. The City seeks to achieve the following objectives through the Development Program: 1. 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 b~ause of the lack of proper utilization and lack of investment; thus promoting and secttring the development of other land in the City; o Promote and secure additional employment opportunities within Development Di~qtrict 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 skffied labor and other human resources in the City; o SeOure the increase of property subject to taxation by the City, the County, Anoka- He~nepin Independent School District No. 11 and other taxing jurisdictions in or{er to better enable such entities to pay for public improvements and governmental services and programs required to be provided by them; Se(lure the construction and provide monies for the payment of the cost of public actlvities or improvements in Development District No. 1, including site imt}rovements and installation of utilities, which are necessary for the orderly and beffeficial development of the Development District; PrOmote the concentration of appropriate development within Development District No2 1 in order to maintain the area in a manner compatible with its accessibility and protninence in the City; Encourage local business expansion, improvement, development and redevelopment, when compatible with the Development Program; and 4