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I <br /> <br />SECTION II. ~AX INCREMENT FINANCING PLAN FOR TAX INCREMENT <br /> IFINANCING DISTRICT NO. 2 <br /> <br /> A. Skatutory Authority. <br /> <br /> The City ~eated TIF District No. 2 on June 30, 1986, and modified the TIF Plan therefore <br />on March 24, 19~8 and July 31, 1990. By this amendment, the City intends to modify the TIF <br />Plan for the TIF I}istrict in order to authorize additional tax increment expenditures within the TIF <br />and Development Districts, pursuant to authority granted in the TIF Act, and specifically <br />§469.175, Subd. !4, thereof. <br /> <br /> B. Statement of Objectives. <br /> [ <br /> <br /> In additi01n to the objectives outlined in Section 1, Subd. C hereof, the City seeks to <br />achieve the foIloWi'ng objectives through the Plan for TIF District No. 2: <br /> <br /> 1. Provide employment opportunities within the City; <br /> <br /> 2. Irr~prove the tax base of the City and the general economy of the City and State; <br /> <br /> 3. En~courage development in an area of the City that has not been utilized to its full <br /> potential; <br /> <br /> 4. In~p, rove street, water and sanitary sewer facilities within a portion of the City <br /> gu!ded for industrial use; <br /> <br /> 5. PrOvide commercial site improvements for properties that are not otherwise likely to <br /> ben, developed according to the City's development goals. <br /> <br /> 6. Irfiplement relevant portions of the Comprehensive Plan. <br /> <br /> C. Statement of Public Purt~ose. <br /> <br /> In amend!ng the Development Program and adopting the Plan for TIF District No. 2, the <br />City Council inteflds to make the following findings: <br /> <br /> 1. Afiticipated development would not reasonably be expected to occur solely through <br /> private investment within the foreseeable future and, therefore, the use of TIF is <br /> dbmed necessary; <br /> <br /> 2. Tile TIF Plan will afford maximum opportunity consistent with the sound needs of <br /> th~ 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 /> D. D~velopment District Program. <br /> The City icreated Development District No. 1 on August 27, 1985, and modified the <br />Program on Jun{ 30, 1986, August 12, 1986, June 9, 1987, ,August 11, 1987, March 29, 1988, <br />April 26, 1988,. . $~ly 26, 1988,. November 14, 1989, April. .24, .1990. . .and July 31, 1990. The. City. <br />Is not modifying ~the boundaries of the Development D~stnct at this time, but the program is being <br />modified to updaZ the development activities planned or authorized within the District. <br /> <br />8 t-/ 3 <br /> <br /> <br />