Agenda - Council - 07/31/1990 - Special

Home

SECTION II. MODIFIED TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 2 A. Statutory Authority. The City created TIF District No. 2 on June 30, 1986 and modified the TIF Plan therefor on March 24, 1988. By this amendment, the City intends to modify the TIF Plan for the TIF District in order to authorize additional tax increment expenditures within the TIF and Development Districts, pursuant to authority granted in the TIF Act, and specifically Section 469.175, subd. 4 thereof. B. Statement of Objectives. In addition to the objectives outlined in Section I, subdivision C hereof, the City seeks to achieve the following objectives through the Plan for TIF District No. 2: 1. provide employment opportunities within the City; 2. improve the tax base of the City and the general economy of the City and State; 3. encourage development in an area of the City that has not been utilized to its full potential; 4. improve street, water and sanitary sewer facilities within a portion of the City guided for industrial use; 5. provide commercial site improvements for properties that are not otherwise likely to be developed according to the City's development goals. 6. implement relevant portions of the Comprehensive Plan. C. Statement of Public Purpose. In amending the Development Program and adopting the Plan for TIF District No. 2, the City Council intends to make the following findings: 1. Anticipated development would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and, therefore, the use of TIF is deemed necessary; 2. The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the District by private enterprise; and 3. The TIF Plan conforms to general plans for development of the City as a whole.