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

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D. Development District Program. The City created Development District No. 1 on August 27, 1985 and hereby intends to expand the boundaries of the District and to modify the Development District Program. E. Description of TIF District. A legal description of the properties within TIF District No. 2 is included in Exhibit C, attached hereto. A map of the approximate boundaries of TIF District No. 2 is included as Exhibit D. F. Development District Contracts. The City has entered into a development contract for site improvements costing approximately $80,000 in the Oxbow Addition in TIF District No. 1. Other contracts regarding property within the Development District will be entered into in accordance with Section 273.75, Subd. 5 of the TIF Act and no more than 25 percent, by acreage, of the land within either TIF District will be acquired by the City with bond proceeds without having con- cluded an agreement for development or redevelopment of the property. G. Classification of TIF District. In determining the need to create TIF District No. 2 in accordance with the TIF Act, the City finds that the district to be established is a redevelopment district, pursuant to Section 273.73, Subd. 10(a) (2). A list of the parcels which have been used to meet the test for a redevelopment district is included as Exhibit E. H. Modification of TIF Plan. The Plan for TIF District No. 2 may be modified by the City, provided that any reduction or enlargement of geographic area of the TIF District, increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on the debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured assessed value to be retained by the City, increase in total estimated tax increment expenditures or designation of additional property to be acquired by the City shall be approved upon the notice and after such discussion, public hearing and findings as required for approval of the original Plan.