Resolution - #85-169 - 08/27/1985

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Section 2. District No. 1. Findings for the Establishment of Development 2.01. The Council hereby finds that the establishment of Development District No. 1 is intended, and in the judgment of this Council, its effect will be, to provide an impetus for commercial and industrial develotx~ent in the City, to increase employment, and otherwise promote certain public purposes and accomplish certain objectives as specified in the Modified DeveloI~ent Progr~. Section 3. Findings for the Establishment of Ta~ Increment Financing District No. 1. 3.01. The Council hereby finds that in certain portions of Tax Increment Financing District No. 1, less than 70 percent of the parcels in the district are 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 fair 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. 3.02. 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. 3.03. The Council further finds that the establishment of Tax Increment Financing District No. 1 and the approval and adoption 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 4. Approval of the Proposed Development Progra.m Proposed Tax Increment Financing Plan. 4.01. The Proposed Develo~ent Program for Development District No. 1, and the Tax Increment Financing Plan for Tax Increment Financing District No. 1 are hereby approved and adopted and shall be placed on file in the office of the Administrator.