Agenda - Council - 04/24/1990 - Laserfiche WebLink

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Section 2. Findinqs; Tax Increment Financing District. 2.01. 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. 2.02. It is further found and determined, and it is the reasoned .opinion of the City, that the development proposed in the Amendment 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. 2.03. 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 opportun- ities and tax base. 2.04. The Amendment conforms development of the City as a whole. to the general plan of 2.05. The Amendment 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. 2.06. Approval of the Amendment is intended, and in the City's judgment its effect will be, to promote the public purposes and accomplish the objectives specified in the TIF Plan, as amended. 2.07. The findings made by the City Council at the time of the creation of TIF District No. 2 on June 30, 1986 are hereby reaffirmed. Section 3. Amendment Adopted; Filinq. 3.01. The Amendment is hereby approved and adopted. 3.02. The geographic boundaries of the TIF District not changed by this action. are 3.03. The City Administrator is authorized and directed to file a copy of the Amendment with the Minnesota Commisisoner of Revenue as required by the TIF Act.