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

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Financing Plan for Tax Increment Financing District No. 2; and holding of a public hearing regarding the Program and the Plan upon such notice as is required by law. 1.04 The proposed modified Development Program and proposed Tax Increment Financing Plan are contained in a document entitled "Development Program, Development District No. 1 and Tax Incre- ment Financing Plan, Tax Increment Financing District No. 2, City of Ramsey, Minnesota", dated June 30, 1986 and on file in the office of the City Administrator. Section 2. District No. 1. Findings for the Modification of Development 2.01 The Council hereby finds that the modification through enlargement of Development District No. 1 is intended, and in the judgment of the Council, its effect will be to provide an impetus for commercial and industrial development in the City, to in- crease employment, and otherwise promote certain public purposes and accomplish certain objectives as specified in the modified Development Program. Section 3. Findings Related to the Establishment of Tax Increment Financing District No. 2. 3.01 The Council finds that at least 70 percent of the parcels within Tax Increment Financing District No. 2 are occu- pied by buildings, streets, utilities or other improvements and that at least 20 percent of the buildings are structurally substandard and that at least an additional 30 percent of the buildings require substantial renovation or clearance within the meaning of Minnesota Statutes, Section 273.73, subd. 10(a) (2), as specifically identified in the Tax Increment Plan. 3.02 It is the opinion of the Council that the proposed development would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that the use of tax increment financing is therefore necessary. 3.03 The Council finds that the Tax Increment Financing Plan for Tax Increment Financing District No. 2 conforms to the general plan for development of the City, based upon the recom- mendations of city staff and the planning commission. 3.04 The Council finds that the Tax Increment Financing Plan for Tax Increment Financing District No. 2 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the District by private enter- prise.