Agenda - Council - 09/24/1985 - Laserfiche WebLink

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I I I I I I I I I I I I I I I ! I occupied by buildings, streets, utilities or other improvements, but due to unusual terrain or soil deficiencies requiring substantial filling, grading or other physical preparation for use at least 80 percent of the total acreage of such land has a faJr market value upon inclusion in the redevelopment district which, when added to the estimated cost of preparing that land for development, exceeds its anticipated fair market value after completion of said preparation. Due to the high water table in Tax Increment Financing District No. 1, the Council finds that excavation and land fill will be necessary for site preparation prior to the commencement of construction of the project (the "Project"). Landscaping in the form of screening and maintaining a buffer between the Rum River and the Project and ponding, as required by the Minnesota Department of Natural Resources, are also public improvements that the CouneLl finds are necessary for the success of the Project. 2.03. The Council further finds that the proposed development, in the opinion of the council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary; that the Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the city as a whole; and that the Tax Increment Financing Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of Tax Increment Financing District No. 1 by private enterprise. 2.04. The Council further finds that the modification of Tax Increment Financing District No. 1 and the modification of the Tax Increment Financing Plan relating thereto is intended and, in the judgment of this Council, its effect will be, to promote the public purposes and accomplish the objectives specified in the Tax Increment Financing Plan. Section 3. Approval of the Modified Development Program and Modified Tax Increment FinanCing Plan. 3.01. The Development Program for Development District No. 1, and the Tax Increment Financing Plan for Tax Increment Financing District No. 1 (the "Plans") are hereby modified and shall be place on file in the office of the Administrator. 3.02. The Plans shall be entitled Modified Development Program for Development District No. 1 including Modified Tax Increment Financing Plan for Tax Increment Financing District No. 1. 3.03. The motion for the adoption of the seconded by councilmember ., thereon, the following voted in favor thereof: foregoing resolution was duly and upon vote being taken and the following voted against the same: 2