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<br />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 tt~ {}469.175, Subd. 4 of the TIF Act, the City seeks to modify the Plan for TIF
<br />District No. 1, w~ch was first adopted on August 27, 1985 and modified on August 12, 1986,
<br />June 9, 1987,Apri!26, 1988 and November 14, 1989.
<br />B. Statemen~ 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 objed..tives through the Plan for TIF District No. 1'
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<br /> 1. Pro~,ide employment opportunities within the City;
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<br /> 2. Im~ove the tax base of the City and the general economy of the City and State;
<br /> 3. Encburage development in an area of the City which has not been utilized to its full
<br /> potential;
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<br /> 4. Provide site improvements, including ponding for storm water management, soil
<br /> co, etlon, 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 amendm~g the Development Program and the Plan for TIF District No. 1, the City
<br />Council intends to ~ake the following findings:
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<br /> 1. Ant~ipated development would not reasonably be expected to occur solely through
<br /> privhte investment within the reasonably foreseeable future; therefore, the use of
<br /> TIF is deemed necessary;
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<br /> 2. The.el'II:: Plan will afford maximum opportunity, consistent with the sound needs of
<br /> the .~ity as a whole, for development of the District by private enterprise; and
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<br /> 3. The ffIF Plan conforms to general plans for development of the City as a whole.
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<br /> D. Dev~elopment District Program.
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<br /> The City cg_eated Development District No. 1 on August 27, 1985, and modified the
<br />Program on June 3~), 1986, August 12, 1986, June 9, 1987, August 11, 1987, March 29, 1988,
<br />April 26, 1988, Jul}/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 updatin~ the development activities planned or authorized within the District.
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<br />E. Descriptio0 of TIF District.
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<br /> TIF District
<br />August 12, 1986.
<br />description of the p~
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<br />No. 1 was established on August 27, 1985, and its boundaries expanded on
<br />No additional land is being added to TIF District No. 1 at this time. A
<br />rOperty within TIF District No. 1 was included with the modified Plan adopted
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