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 SECTION H. iTAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 2 A. Stl ~tutorv Authority. The City ¢ on March 24, 191 Plan for the TIF I and Developmer §469.175, Subd. ~4, thereof. B. St_~tement of · eated TIF District No. 2 on June 30, 1986, and modified the TIF Plan therefore 18 and July 31, 1990. By this amendment, the City intends to modify the TIF ~istfict in order to authorize additional tax increment expenditures within the TIF Districts, pursuant to authority granted in the TIF Act, and specifically Objectives. In additiop to the objectives outlined in Section 1, Subd. C hereof, the City seeks to achieve the following objectives through the Plan for TIF District No. 2: 1. PrOvide employment opportunities within the City; Lmprove the tax base of the City and the general economy of the City and State; Er~ourage development in an area of the City that has not been utilized to its full po/ential; 4. Imp, rove street, water and sanitary sewer facilities within a portion of the City gulded for industrial use; 5. PrOvide commercial site improvements for properties that are not otherwise likely to be kteveloped according to the City's development goals. 6. Implement relevant portions of the Comprehensive Plan. C. St:itement of Public Purnose. In amendig~ g the Development Program and adopting the Plan for TIF District No. 2, the City Council inte ,r~Cls to make the following f'mdings: 1. A~ticipated development would not reasonably be expected to occur solely through pri?ate investment within the foreseeable future and, therefore, the use of TIF is de~med necessary; 2. Th¢~ TIF Plan will afford maximum opportunity consistent with the sound needs of th~City as a whole for development of the District by private enterprise; and 3. The TIF Plan conforms to general plans for development of the City as a whole. D. Deyelopment District Program. · The City Created Development District No. 1 on'August 27, 1985, and modified the Program on JuneB0, 1986, August 12, 1986, June 9, 1987, August 1 I, 1987, March 29, 1988, April 26, 1988, Jal.' y 26, 1988, November 14, 1989, April 24, 1990 and July 31, 1990. The City Is not modifying .th, e boundaries of the Development District at this time, but the program is being modified to updat~ the development activities planned or authorized within the District.