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

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2.02. That the findings made by the City Council at the time of the adoption of the Program on August 27, 1985, arc hereby reaffirmed. Section 3. Findings; Tax Increment Financing District 3.01. That it is found and determined that it is necessary and desirable for the sound and orderly development of the Development District and the City as a whole, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public financial assistance to the TIF and Development Districts. 3.02. That it is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the modified program and the modified TIF Plan for TIF District No. 2 could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that, therefore, the use of tax increment financing is necessary. 3.03. That the proposed public improvements to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the TIF and Development Districts in terms of development intensity, employment opportunities and tax base. 3.04. That the modified TIF Plan conforms to the general plan of development of the City as a whole. 3.05. That the modified TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF and Development Districts by private enterprise. 3.06. That approval of the modified TIF Plan is intended, and in the City's judgment its effect will be, to promote the public purposes and accomplish the objectives specified in the modified Plan. 3.07. That the findings made by the City Council at the time of the creanon of TIF District No. 2 on June 30, 1986, are hereby reaffirmed. Section 4. Modified Program and TIF Plan Adopted; Filing 4.01. That ihe modified Program and the modified TIF Plan are hereby approved and adopted. The modified Program and TIF Plan incorporate, by reference, the original Program and TIF Plan, except as the modified Program and TIF Plan explicitly, or by reasonably necessary inference conflicts with the original Program and TIF Plan. 4.02. That the geographic boundary of Development District No. 1 are expanded as shown in the attached Exhibit A, and the geographic boundary of TIF District No. 2 is not changed by this action. 4.03. That the City Administrator is authorized and directed to file a copy of the modified Program and the modified TIF Plan with the Minnesota Commissioner of Revenue as required by the TIF Act. 4.04. That the City may, at the appropriate time, take action to issue and sell general obligation bonds pursuant to the TIF Act to finance the public costs identified in the modified Program and the modified Plans.