Resolution - #00-01-023 - 01/25/2000

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• Section 3. The City finds and determines that the provisions for redevelopment activities and the resultant benefits are in the public interest of the City and the expenditures of the District are a public purpose. Section 4. The City finds and determines that the District is a Redevelopment District because it will result in the redevelopment of blighted, substandard property and the preservation and enhancement of the tax base of the City. Facts for this determination are set forth in the Plan and shall be retained and made available to the public until the District has been terminated. Section 5. That it is hereby found and determined the proposed development, in the opinion of the City would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the District permitted by the Plan. Section 6. That it is hereby found and determined the Plan conforms to the general plan for the development of the City as a whole. Section 7. That it is hereby found and determined the Plan will afford maximum opportunity, consistent with the sound needs of the municipality as a whole, for the development or redevelopment of the Project by private enterprise. Section 8. That the reasons and supporting facts for finding 4, 5, 6 & 7 are described in the Plan, and in memos on file in City Hall. Section 9. Pursuant to Minnesota Statutes, Sections 273.1399, the City Council elects to pledge local contributions in an amount equal to 5% of the tax increment revenues utilized. Section 10. The City elects to retain tax increment revenues generated in the District pursuant to clause (b) of Minnesota Statutes, Section 469.177, Subd. 3. By making this election, tax increment revenues generated within the District will be made available for calculation on sharing with the fiscal disparity provisions of Chapter 473 F. Section 11. That the City Clerk is hereby directed to file a copy of this resolution and a copy of the Plan with the Minnesota Department of Revenue. Section 12. That the City hereby states its intention to use all of the captured tax capacity for purposed of tax increment financing as per the condition set forth in the Plan. Section 13. The City Clerk shall request the auditor of Anoka County to certify the original net tax capacity and original local tax rate of the District approved by this resolution. Section 14. The City designates City staff as the party responsible for the administration of the District.