Agenda - Council - 12/13/2011 - Laserfiche WebLink

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specified in Section 2.01. In accordance with the purposes set forth in Section 469.124 of the Development District Act, the City Council has established the Development District comprising the area described on the attached Exhibit A and has adopted this Development Program therefor. The Tax Increment Financing Act authorizes the City, upon certain findings by the City Council, to establish and designate tax increment financing districts within the Development District and to adopt and implement a tax increment financing plan to accomplish the Development Program established for the Development District. In accordance with the Tax Increment Financing Act, the City has established Tax Increment Financing District No. 12 in the Development District as a housing district described in Section 469.174 subdivision 11, and has adopted therefor the Tax Increment Financing Plan set forth in Article III of the Development Program, which provides for the use of tax increment financing to finance the cost of qualified public activities and improvements in the Development District, as specified in the Development Program and the Tax Increment Financing Plan. (AS MODIFIED DECEMBER 13, 2011) The City established Development District No. 1 pursuant to the Municipal Development District Act. It is authorized that the City will administer the Development District and any tax increment financing districts. Within Development District No. 1, the City plans to create one or more tax increment financing districts established pursuant to the Tax Increment Act to finance the public improvements proposed for Development District No. 1. The public improvements may be initially financed from other City sources, including, but not limited to the use of improvement bonds issued pursuant to Minnesota Statutes, Chapter 429, which sources the City may reimburse from tax increment proceeds derived from tax increment districts to be created within Development District No. 1. The tax increment district or districts will be created at such time as will enable the City to capture the increase in taxable value of private improvements to be constructed within Development District No. 1. D. Statement of Finding of Public Purpose. (AS MODIFIED ON DECEMBER 14, 2010) The City Council of the City has determined that there is a need for the City to take certain actions designed to encourage, ensure and facilitate development and redevelopment by the private sector of underutilized and unused land located within the corporate limits of the City in order to provide additional employment opportunities for residents of the City and the surrounding area, to improve the tax base of the City, the County and Independent School District No. 11 (the "School District") thereby enabling them to better utilize existing public facilities and provide needed public services, and to improve the general economy of the City, the County, and the State. Specifically, the City Council has determined that the property within the Development District is either underutilized or unused due to a variety of factors, including inadequate public improvements to serve the property; which has resulted in a lack of private investment; that, as a result, the property is not providing adequate employment opportunities, and is not contributing to the tax base and general economy of the City, the School District, the County and the State to its full potential; and, therefore, that it is necessary for the City to exercise its authority under the Development District Act and the Tax Increment Financing Act to develop, implement and finance a program designed to encourage, ensure and facilitate the commercial development and redevelopment of the property located in the Development District, to further and City of Ramsey Development District No. 1 Modification 3