Agenda - Council - 12/13/1994 - Laserfiche WebLink

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SECTION II. [TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT ~FINANCING DISTRICT NO. 2 A. Sfatutorv Authority. The City[ created TIF District No. 2 on June 30, 1986, and modified the TIF Plan, therefore, on M~ch 24, 1988, July 31, 1990 and March 8, 1994. By this amendment, the City intends to modif~ the TIF Plan for the TIF District in order to authorize additional tax increment expenditures within the TIF and Development Districts, pursuant to authority granted in the TIF Act, and specifically §469.175, Subd. 4, thereof. B. Sthtement of Objectives. In addition 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; 2. Improve the ttcx base of the City and the general economy of the City and State; 3. En~courage development in an area of the City that has not been utilized to its full po&ntial; 4. Improve street, water and sanitary sewer facilities within a portion of the City guided for industrial use; 5. Pr6vide commercial site improvements for properties that are not otherwise likely to be ~eveloped according to the City's development goals. 6. Im[~lement relevant portions of the Comprehensive Plan. C. St4tement of Public Purpose. In amendit~g the Development Progam and adopting the Plan for TIF District No. 2, the City Council inten~s to make the following findings: 1. An,ficipated development would not reasonably be expected to occur solely through pri~ate investment within the foreseeable future and, therefore, the use of TIF is deelned necessary; 2. The) TIF Plan will afford maximum opportunity consistent with the sound needs of the City as a whole for development of the District by private enterprise; and 3. TheiTIF Plan conforms to general plans for development of the City as a whole. D. DeVelopment District Program. The City created Development District No. 1 on August 27, 1985, and modified the Program on June 3,0, 1986, August 12, 1986, June 9, 1987, August 11, 1987, March 29, 1988, April 26, 1988, July' 26, 1988, November 14, 1989, April 24, 1990, July 31, 1990 and March 8, 1994. Concurrentrwith this action, the City is expanding the boundaries of the Development District and updatin~ the development activities planned or authorized within the District. 9 ///