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

Home

i SECTION II.~AX INCREMENT FINANCING PLAN FOR TAX INCREMENT ~INANCING DISTRICT NO. 4 A. Statutory Authority. Pursuant ~o §469.175, Sub& 4 of the TIF Act, the City seeks to modify the Plan for District No. 4, wh~ich was first adopted on August 11, 1987 and modified on March 29, 1988 and November 14, 1~89. B. Statement of Objectives. In additioO to the objectives outlined in Section I, Sub& D hereof, the City seeks to achieve the following ob.j¢ctives through the Plan for TIF District No. 4: 1. Prsvide employment opportunities within the City; 2. In?rove the tax base of the City and the general economy of the City and State; 3. En~ourage development in an area of the City which has not been utilized to its full po~ntial; 4. Provide roadway and public utility improvements for property which is not ot~rwise likely to be developed in the reasonably foreseeable future; and 5. Implement relevant portions of the Comprehensive Plan. C. Statemeni of Public Purpose. In adoptin~the modified Pro,am for Development District No. 1 and the Plan for TIF District No. 4, the City Council intends to make the following findings: 1. Anticipated development would not reasonably be expected to occur solely through priqate investment within the reasonably foreseeable future and, therefore, the use of ~IF is necessary; [ 2. Th&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. The~TIF Plan conforms to general plans for development of the City as a whole. D. Developm¢nt District Program. The City c~eated 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, Julk 26, 1988, November 14, 1989, April 24, 1990, July 31, 1990 and March 8, 1994. Concurrent~with this action, the City is expanding the boundaries of the Development District and updatin[g the development activities planned or authorized within the District. E. Descriptio~ A legal desc C. A map of the apl Developme'~t ,. of TIF District. ription of the properties within TIF District No. 4 is attached hereto as Exhibit ,roximate boundaries of TIF District No. 4 is included as Exhibit D. Distrlct Contracts. 9