Agenda - Council - 06/30/1986 - Laserfiche WebLink

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"Tax Increment Financing Act" means Minnesota Statutes, Sections 273.7] through 273.78, inclusive, as amended; and "Tax Increment Financing Plan" or "Plan" means the TIF Plan or Plans for the respective TIF Districts located within Develop- ment District No. 1. B. Statutory Authority The City determines that it is necessary, desirable and in the public interest to establish, designate, develop and adminis- ter a Development Program for Development District No. 1 in the City, pursuant to the provisions of the Municipal Development District Act. The City also determines that the funding of the necessary activities and improvements in Development District No. 1 shall be accomplished in part or in whole through TIF in accordance with the TIF Act. C. Statement of Public Purpose It is 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 base and improve the general economy of the City and the State. D. Statement of Objectives 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 property utili- zation 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. 1 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; secure the increase of property subject to taxation by the City, the County, Anoka-Hennepin independent school district No. 11 and other taxing jurisdictions in order to better enable such entities to pay for public improvements and governmental services and programs required to be provided by them;