Agenda - Council - 07/23/1985 - Laserfiche WebLink

Home

~Istrict of the City to provide impetus for private develop- meat, to maintain and Increase employment, to utilize exist- in9 potential and to provide other facilities as are out- lined in the Development Program adopted by the City. The Council has also determined that the proposed devel- I opments would not occur solely through private investment in the foreseeable future; that the tax increment financing plans proposed herein are consistent with the Development I Program; and that the tax increment financing plans will afford maximum opportunity, consistent with the sound needs of the municipality as a whole, for the development or rede- i velopment of the .Development District by private enterprise. The Council finds that the welfare of the City as veil I as the State of Minnesota requires active promotion, attrac- tion, encouragement and development of economically sound industry and commerce to carry out its stated public purpose objectives· I Subsection 1. 3- Statutor Authorit . The Council de- termines that desirable and in the public interest to I establish, develo~ and a~minister a Development. Program for Development District No. 1 {the 'Development Dzstrict') in the City to implement its Development District Plan, pur- l suant to the provisions of Chapter 472A, as amended, of Minnesota Statutes {the 'Development DistriCt Act'). Funding of the necessary activities a~ Improvements in I the Develol~nent District shall be accomplzshed through-tax increment financing in accordance with ~innesota Statutes, I Sections 273.71 to 273.78, inclusive (the 'Ta~ Increment F£nancin9 &ct"}, and through the use of industrial revenue bonds pursuant to the provisions of Chapter 474, as amended, I of'Minnesota Statutes {the "~unicipal Industrial Development &ct'). The City has designated a specific area. within the cor- I porate limits of the City as Development D~strict No. 1 as authorized by Section 472A.03 of the 'Development District &ct which is hereby amended as outlined in this document. I ~ithin the Development D~strict, City plans to undertake the a redevelopment district as the t~fl~e of tax increment finan- cing districts established.pursuant to Section 273.73, Subd. I 10, of the Tax Increment F~nancing Act. Subsection 1.4. Statement of Ob ectives. The Council I determines that the establishment o~ the Development Dis_ trict will provide the City with the ability to achieve cer tala public purpose objectives not otherwise obtainable in I the foreseeable future without City intervention in the nor- mal develol~nent process. The City and Council seek to 1-3