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

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I I I I I I I I I I 2.02. The findings made by the City Council at the time of the adoption of the Program on August 27, 1985 are hereby reaffirmed. Section 3. l:;i~dings: Ta~ I~l'~ment Financing District 3.01. It is foun~l and determined that it is necessary and desirable for the sound and orderly development of the Development District and the City as a whole, and for the protection and prese~afion of the public health, safety, and general welfare, that the authority of the TIF Act l~e exercised by the City to provide public financial assistance to the TIF and Developr4e~." nt Districts. 3.02. It is further found and determined, and it is the reasoned opinion of the City, that the developmgnt proposed in the modified program and the modified TIF Plan for TIF District No. 2 could, not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary~ 3.03. The propqsed public improvements to be financed in part through tax increment financing are necesgary to permit the City to realize the full potential of the TIF and Development Districts hi terms of development intensity, employment opportunities and tax base. 3.04. The modiSed TIF Plan conforms to the general plan of development of the City as a whole. 3.05. The modified TIF Plan will afford maximum opportunity, consistent with the sound needs of the C.i~ as a whole, for the development of the TIF and Development Districts by private enterprise;; 3.06. Approval ~)f the modified TIF Plan is intended, and in the City's judgment its effect will be, to promOtr~ the public purposes and accomplish the objectives specified in the modified Plan. 3.07. The findivigs made by the City Council at the time of the creation of TIF District No. 2 on June 30, 1~86 are hereby reaff'u'med. Section 4. M~ed Program ancl TIF Plan Adoptea:l; Filing 4.01. The modified Program and the modified TIF Plan are hereby approved and adopted. The modified lbrogram and TIF Plan incorporate by reference the original Program and TIF Plan, except as the modified 'program and TIF Plan explicitly or by reasonably necessary inference ~onflicts with the original Program and TIF Plan. 4.02. 4.03. The geographic boundaries of Development District No. 1, and TIF District No. 2 are not changed b~ this action. The City 3bdministrator is authorized and directed to ffie a copy of the modified Program and the mi~lified TIF Plan with the Minnesota Commissioner of Revenue as required by the TIF Adt. 4.04. The City, gnay at the appropriate time, take action to issue and sell general obligation bonds pursuant t~ the TIF Act to finance the public costs identified in the modified Program and the modified Plans. The motion for tl~e~ adoption of the foregoing resolution was duly seconded by Councilmember andiUpon vote being taken thereon, the following voted in favor thereof: