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SECTION Ii <br /> TAX INCREMENT FINANCING PLAN <br /> FOR <br />TAX INCREMENT FINANCING DISTRICT NO. 5 <br /> <br />A. Statutory Authority. <br /> <br /> Pursuant to .Minrl. Stat., Sections 469.174 through 469.179, the City seeks to <br />create TIF District No. 5 and adopt a TIF Plan for that TIF District. <br /> <br />B. Statement of Objectives. <br /> <br /> In addition to the objectives outlined in Section I, subdivision C hereof, the City <br />seeks to achieve the following objectives through the Plan for TIF District No. 5: <br /> <br /> 1. provide employment opportunities within the City; <br /> <br /> 2. improve the tax base of the City and the general economy of the City and <br /> State; <br /> <br /> 3. encourage development in an area of the City that has not been utilized to <br /> its full potential; <br /> <br /> 4. improve water and sanitary sewer facilities within a portion of the City <br /> guided for residential use; <br /> <br /> 5. implement relevant portions of the Comprehensive Plan. <br /> <br />C. Statement of Public Purpose. <br /> <br />NO. <br /> <br /> In amending the Development Program and adopting the Plan for TIF District <br />5, the City Council intends to make the following findings: <br /> <br />Anticipated development would not reasonably be expected to occur <br />solely through private investment within the reasonably foreseeable <br />future and, therefore, the use of TIF is deemed necessary; <br /> <br />The TIF Plan will afford maximum opportunity, consistent with the <br />sound needs of the City as a whole, for development of the District by <br />private enterprise; and <br /> <br />The TIF Plan conforms to general plans for development of the City as a <br />whole. <br /> <br />D. Development District Program. <br /> <br /> The City created Development District No. 1 on August 27, 1985, and modified <br />the Program on June 30, 1986, August 12, 1986, June 9, 1987, August 11, 1957, <br /> <br /> <br />