Agenda - Council - 07/31/1990 - Special

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Development District No. i as stated in the Program and in the Tax Increment Financing Plan for the Tax Increment Financing Districts within Development District No. 1 or any obligations issued to refund the Tax Increment Bonds; "Tax Increment Financing District" means Tax Increment Financing District No. 1, which was created on August 27, 1985, and expanded on August 12, 1986; Tax Increment Financing District No. 2, which was created on June 30, 1986, and expanded on March 29, 1988; Tax Increment District No. 4, which was created on August 11, 1987, and expanded on March 29, 1988; Tax Increment Financing District No. 5, which was created on April 24, 1990; or any other TIF Districts established in the future in Development District No. 1; "Tax Increment Financing Act" or "TIF Act" means Minnesota Statutes, Sections 469.174 through 469.179, inclusive, as amended; and "Tax Increment Financing Plan" or "Plan" means the TIF Plans, as modified, for TIF District No. 1, TIF District No. 2, TIF District No. 4, TIF District No. 5, or the Plan or Plans that may be adopted for TIF Districts located within Development District No. 1. B. Statutory Authority. The City has determined that it is necessary, desirable and in the public interest to establish, designate, develop and administer a Development Program for Development District No. 1 in the City, pursuant to the provisions of the Act. The ~ity has also determined that the funding of the necessary activities and improvements in Development District No. 1 shall be accomplished in part or in whole through tax increment financing in accordance with the TIF Act. C. Statement of Public Purpose and Objectives. The City has found that there is a need for new development in a specific area of the City to encourage development, provide employment opportunities, improve the tax uase and improve the general economy of the City and the State. The City seeks to achieve the following objectives through the Development Program: promote and secure the prompt development of property in Development District No. 1 in a manner consistent with the Comprehensive Plan and with minimal adverse impact on the environment, which property is currently less productive because of the lack of proper utilization and lack of investment, thus promoting and securing the development of other land in the City; promote and secure additional employment opportunities within Development District No. i and the City for residents of the City and the surrounding area, thereby improving living standards and preventing unemployment and the loss of skilled labor and other human resources in the City;