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SECTION II. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT
<br /> FINANCING DISTRICT NO. 1
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<br /> A. Statutory Authority.
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<br /> Pursuant to §469.175, Subd. 4 of the TIF Act, the City seeks to modify the Plan for TIF
<br /> District No. 1, which was first adopted on August 27, 1985 and modified on August 12, 1986,
<br /> June 9, 1987,April 26, 1988 and November 14, 1989.
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<br /> B. Statement of Objectives.
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<br /> In addition to the objectives outlined in Section I, Subd. D hereof, the City seeks to achieve
<br /> the following objectives through the Plan for TIF District No. 1:
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<br /> 1. Provide employment opportunities within the City;
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<br /> 2. Improve the tax base of the City and the general economy of the City and State;
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<br /> 3. Encourage development in an area of the City which has not been utilized to its full
<br /> potenfi',d;
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<br /> 4. Provide site improvements, including ponding for storm water management, soil
<br /> correction, landscaping, fencing, security lighting and grading on certain properties;
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<br /> 5. Provide for future park and highway improvements; and
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<br /> 6. Implement relevant portions of the Comprehensive Plan.
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<br />C. Statement of Public Purpose.
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<br /> In amending the Development Program and the plan for TIF District No. 1, the City
<br /> Council intends to make the following findings:
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<br /> 1. Anticipated development would not reasonably be expected to occur solely through
<br /> private investment within the reasonably foreseeable future; therefore, the use of
<br /> TIF is deemed necessary;
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<br /> 2. The Tn: 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
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<br /> 3. The Tn: Plan conforms to general plans for development of the City as a whole.
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<br /> D. Development District Program.
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<br /> The City created Development District No. 1 on August 27, 1985, and modified the
<br />Program on June 30, 1986, August 12, 1986, June 9, 1987, August 11, 1987, March 29, 1988,
<br />April 26, 1988, July 26, 1988, November 14, 1989, April 24, 1990, July 31, 1990 and March 8,
<br />1994. Concurrent with this action, the City is expanding the boundaries of the Development
<br />District and updating the development activities planned or authorized within the District.
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<br />E. Description of TIF District.
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<br /> TIF District No. 1 was established on August 27, 1985, and its boundaries expanded on
<br />August 12, 1986. No additional land is being added to TIF District No. 1 at this time. A
<br />description of the property within TIF District No. 1 was included with the modified Plan adopted
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