Agenda - Council - 05/27/1986 - Laserfiche WebLink

Home

Count ilmember adoption: introduced the following resolution and moved its RESOLUTION $86- RESOLUTION MODIFYING TltE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND MODIFYING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1 BE IT RZSOLVED by the City Couucil (the "Council") of the City of Ramsey, Minnesota (the "City), as follows: Section 1. ~. 1.01. It has been proposed that the City modify the Development Program for Development District No. 1 and the Tax Increment Financing Plan for Tax Increment Financing District No. 1 by a change in the public improvement costs relating thereto, all pursuant to and in accordance with Minnesota Statutes, Chapter 472A, as amended, and Minnesota Statutes, Sections 273.72 to 273.78, inclusive, as amended. 1.02. The Council has investigated the facts and has caused to be prepared a modification to the Development Program for Development District No. 1, describing the specific public improvements to be undertaken by the City to aid the development of Developmeut District No. 1, and has caused to be modified the Tax Increment Financing Plan for Tax Increment Financing District No. 1 defining more precisely the public improvements to be financed by Tax Increment Fiuancing District No. 1. 1.03. The City has performed all actions required by law to be performed prior to the modification of the Development Program for Development District No. 1 and the Tax Increment Financing Plan for Tax Increment Financing District No. 1. ~eetion 2. Findings for the Modification of Development District No. 1 and Tax Increment Financin~ District No. 1. 2.01. The Council hereby finds that the modification of Development District No. 1 is intended and, in the judgment of this Council, its effect will be, to provide an impetus for commercial and industrial development in the City, to increase employment, and otherwise promote certain public purposes and accomplish certain objectives as specified in the Development Program. 2.02. The Council hereby finds that in certain portions of Tax Increment Financing District No. 1, less than 70 percent of the parcels in the district are occupied by buildings, streets, utilities or other improvements, but due to unusual terrain or soil deficinecies requiring substantial filling, grading or other physical preparation for use at least 80 percent of the total acreage of such land has a fair market value upon inclusion in the redevelopment district which, when added to the estimated costs of preparing that land for development, exceeds its anticipated fair market value after completion of said preparation.