Laserfiche WebLink
(a) The TIF District is an economic development district as defined in <br />Minnesota Statutes, Section 469.174, Subd. 12, the specific basis for such determination <br />being that the construction of an approximately 210,000 square foot manufacturing facility <br />(the "Project") will (i) result in increased employment in the state; and (ii) result in the <br />preservation and enhancement of the tax base of the state. <br />(b) The proposed development in the opinion of the City Council, would not <br />occur solely through private investment within the reasonably foreseeable future. The <br />reasons supporting this finding are that: <br />(i) <br />The Developer has made a statement to the City that private investment will <br />not finance these development activities because of prohibitive costs and <br />modest rate of return. It is necessary to finance these development activities <br />through the use of tax increment financing so that development by <br />private enterprise will occur within the Develop�me istrict. <br />(ii) A comparative analysis of estimated market te`ess both with and without <br />establishment of the TIF District and <br />performed as described above. Such <br />indicates that the increase in est <br />development (less the indicated <br />value of the site absent the est <br />tax increments. <br />(c) In the opinion of the <br />that could reasonably be expect <br />would be less than the increas <br />development after subtract <br />maximum duration of th <br />this finding are set for, <br />of tax increments has been <br />i"s is found in the TIF Plan, and <br />market value of the proposed <br />ctions) exceeds the estimated market <br />ment of the TIF District and the use of <br />Council, the increased market value of the site <br />occur without the use of tax increment financing <br />e market value estimated to result from the proposed <br />present value of the projected tax increments for the <br />istrict permitted by the TIF Plan. The reasons supporting <br />Appendix B of the TIF Plan: <br />(d) T1 IF Plan for the TIF District conforms to the general plan for <br />development p"development of the City as a whole. The reasons for supporting this <br />finding are <br />(i) the TIF District is properly zoned; <br />(ii) The City has determined that the proposed TIF Plan conforms to the general <br />plan for the development or redevelopment of the City as a whole; <br />(iii) The TIF Plan will generally compliment and serve to implement policies <br />adopted by the City; and <br />(e) The TIF Plan will afford maximum opportunity, consistent with the sound <br />needs of the City as a whole, for the development or redevelopment of the Development <br />District by private enterprise. The reasons supporting this finding are that: <br />2 <br />