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SECTION II. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT <br /> I~INANCING DISTRICT NO. 2 <br /> <br /> A. Statutory Authority. <br /> <br /> The City c~gated 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 Dlstrict in order to authorize additional tax increment expenditures within the TIF <br />and Developmenl~ Districts, pursuant to authority granted in the TIF Act, and specifically <br />§469.175, Subd. 4, thereof. <br /> <br /> B. Startement of Objectives. <br /> <br /> In additio0 to the objectives outlined in Section 1, Subd. C hereof, the City seeks to <br />achieve the followlng objectives through the Plan for TIF District No. 2: <br /> <br /> 1. ProMde employment opportunities within the City; <br /> <br /> 2. Imp~rove the tax base of the City and the general economy of the City and State; <br /> <br /> 3. Encourage development in an area of the City that has not been utilized to its full <br /> potential; <br /> <br /> 4. Improve street, water and sanitary sewer facilities within a portion of the City <br /> guiged for industrial use; <br /> <br /> 5. ~vide commercial site improvements for properties that are not otherwise likely to <br /> be ~developed according to the City's development goals. <br /> <br /> 6. Implement relevant portions of the Comprehe~nsive Plan. <br /> C. Statement of Public Purnose. <br /> <br /> In amendigg the Development Program and adopting the Plan for TIF District No. 2, the <br />City Council inte ~rgts to make the following f'mdings: <br /> <br />A '~aticipated development would not reasonably be expected to occur solely through <br />pri?ate investment within the foreseeable furore and, therefore, the use of TIF is <br />deemed necessary; <br /> <br />Thg TIF Plan will afford maximum opportunity consistent with the sound needs of <br />thd City as a whole for development of the District by private enterprise; and <br /> <br /> 3. Th~ TIF Plan conforms to general plans for development of the City as a whole. <br /> <br /> D. De[velooment District Pro?am. <br /> <br /> The City ~:reated 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, J~ly 26, 1988, November 14, 1989, April 24, 1990 and July 31, 1990. The City <br />Is not modifying Ce boundaries of the Development District at this time, but the program is being <br />modified to updatk the development activities planned or authorized within the District~ <br /> <br /> <br />