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economic development district as defined in Minnesota Statutes, Section 469.174, <br />Subd. 12. The City reaffirms the findings previously made with respect to the <br />establishment of Tax Increment Financing District Nos. 1, 2, 4, 6 and 8. <br /> <br />(b) <br /> <br />The proposed redevelopment in the opinion of the City Council, would not occur <br />solely through private investment within the reasonably foreseeable future and <br />therefore the use of tax increment is deemed necessary. <br /> <br />The reasons supporting this finding are that: <br /> <br />Private investment will not finance these development activities because of <br />prohibitive costs. It is necessary to finance these development activities through <br />the use of tax increment financing so that other development by private enterprise <br />will occur within the Municipal Development District No. 1. <br /> <br />(c) <br /> <br />The Tax Increment Financing Plans for Tax Increment Financing District Nos. 1, <br />2, 4, 6 and 8 conform to the general plan for development or redevelopment of the <br />City of Ramsey as a whole. <br /> <br />The reasons supporting this finding are: <br /> <br />(i) <br /> <br />Tax Increment Financing District Nos. 1, 2, 4, 6 and 8 are properly zoned; <br />and <br /> <br />(ii) <br /> <br />The tax increment financing plans will generally compliment and serve to <br />implement policies adopted in the City's comprehensive plan. <br /> <br />(d) <br /> <br />The Tax Increment Financing Plans will afford maximum opportunity, consistent <br />with the sound needs of the City of Ramsey as a whole, for the development or <br />redevelopment of Municipal Development District No. 1 by private enterprise. <br /> <br />The reasons supporting this finding are that: <br /> <br /> The development activities are necessary so that development and redevelopment <br />by private enterprise can occur within Municipal Development District No. 1. <br /> <br />Public Purpose. The Amendments to the Tax Increment Financing Plans for Tax <br />Increment Financing District Nos. 1, 2, 4, 6 and 8 conform in all respects to the <br />requirements of the Act and will help fulfill a need to develop an area of the City which is <br />already built up to provide employment activities and improve the tax base and to <br />improve the general economy of the State and thereby serves as a public purpose. <br /> <br />Filing. The City Administrator is further authorized and directed to file a copy of the <br />Amendments to the Tax Increment Financing Plans for Tax Increment Financing District <br />Nos. 1, 2, 4, 6 and 8 with the Commissioner of Revenue. <br /> <br />Resolution #03-06-157 <br />Page 2 of 3 <br /> <br /> <br />