Laserfiche WebLink
Section 2. Findin~_s for the Establishment of Development <br /> <br />District 14o. 1. <br /> <br /> 2.01. The Council hereby finds that the establishment of <br />Development District No. ! is intended, and in the Judgment of <br />this Council, its effect will be, to provide an impetus for <br />oommercial and industrial development in the City, to increase <br /> <br />! <br />! <br /> <br />employment, and otherwise promote certain public purposes and <br />accomplish certain objectives as specified in the ~4odified <br />Development <br /> <br /> Section 3. Findings for the Establishment of Tax Increment <br />Financfna District No. 1. <br /> <br /> 3.01. ~he Oouncil hereby finds that in certain portion of <br />Tax Increment Financing District No. 1, less than 70 percent of <br />the paroels in the district are occupied by buildings, streets, <br />utilities or other improvements, but due to unusual terrain or <br />soil ~eficiencles requiring substantial filling, grading or other <br />physical preparation for use at least 80 percent of the total <br />acreage of such land has a fair market value upon inclusion in <br />the redevelopment district which, when added to the estimated <br />cost of preparing that land for development, exceeds its <br />anticipated fair market value after completion of said <br />preparation. <br /> <br /> 3.02. The Council further finds that the proposed <br />development, in the opinion of the Council, would not occur <br /> <br />solely through private investment within the reasonably <br />foreseeable future and, therefore, the use of tax increment <br />financing is deemed necessary$ that the Tax Increment Financing <br />Plan conforms to the general plan for the development or <br />redevelopment of the City as a whole~ and that the Tax Increment <br />Financing Plan will afford maxfm,~, opportunity consistent with <br /> <br />the sound needs of the City as a whole, for the development of <br />Tax Increment Financing District No. 1 by lxivate enterprise. <br /> <br /> 3.03. The Co~cil further finds that the establishment of <br />Tax Increment Financing District No. 1 and the approval and <br />adoptic~ of the ~ax Increment Financing Plan relating thereto is <br />intended and, in the judgment of this Council, its effect will <br />be, to prcmote the public purposes and accomplish the objectives <br />specified in the ~ax Incrment Financing Plar~ <br /> <br /> Section 4. Approval of the Pro_Dosed Develo_=ment Progra~ <br />and Pro_Dosed Tax Increment Financin~ <br /> <br /> 4.01. The Proposed Develolmaent Program for Development <br />District No. 1, and the Tax Increment Financing Plan for Tax <br />Increment Financing District No. 1 are hereby approved and <br />adopted and shall be placed on file in the office of the <br />Administrator. <br /> <br />-2- <br /> <br /> <br />