Resolution - #86-119 - 08/12/1986

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Incre.~r~e~ ~;~nancing Plan, Tax Increment Financing District No. 1, City o;! ]'..amsey, Minnesota", dated August 12, 1986 and on file in the ofi~c~ o£ the City Administrator. :~cction 2. ~di_ngs Related to the Modificatio~ ?,0i The Council hereby finds that the modification of Deve].~>p~-~.~~ District No. 1 is intended, and in the judgment of the (:o~,c~;!, its effect will be to provide an impetus for comme,:c~i:~ii . J. ndustrisl and residential development in the City, increa~ employment, and otherwise promote certain public purpo~;~.~ a~d accomplish certain objectives as specified in the mod ified l~f~e.!op~ent Program. ~:ection 3. Fi~ings Related to the ModifiCation of ~._~tt~.~t~~.~t~Ilf~k~g ~F' ' D' t r zc' t No. 1. ~$.~0! The Council finds that less than 70 percent of the p~c~i~ in the area hereby added to Tax Increment Financing Dist~i~'~ .~+.. 1 are occupied by buildings, streets, utilities or other J ~p~'ovements , but due to unusual terrain or soil defic~e~ {~ requiring substantial filling, grading or physical prepara~.~.~'~,, for use at least 80 percent of the total acreage of the ~,.e~.i~? added land has a fair market value upon inclusion in the Ta~ ]~,~ ~ement Financing District No. 1 which, when added to the c-~ i~,~.ted cost of preparing the land for development, exc],~.d-i ~1~ costs directly related to roads, exceeds its anticJ~.~t~-~d fair market value after completion of the preparation and, ~ ~ .~ the DJ~trict is a redevelopment Tax Increment Fina~.c~J~i D~is[~rict~ pursuant to Minnesota Statutms, Section 273~7~i ,~.~b~. I0 (a)(3). ]~02 it is the opinion of the Council that the propo.~;e~ f~evelopment within the Flintwood Hills 3rd Additions and Rive~ ~s ge~d Plaza would not reasonably be expected to occur sole'!i~, i !~'~.ough private investment within the reasonably fore~..eeai~t,~ future and that the use of tax increment financing for c~-~a site improvements within those areas is therefore 3~3 The Council finds that the modified Tax Increment Fina~ i~g ~lan for Tax Increment Financing District No. 1 confor',~ ~< the general plan for development of the City, based upon com'~_~]~tion with the City planning department. 3.~}4 The Council finds that the modified Tax Increment Fin~i,~ ~an for T~x Increment Financing District No. 1 will affozd ~,~i'~um opportunity, consistent with the sound needs of the C~7 ~,,~ a wbole~ for development of the District by private enterp~ ;~!~c ~ The Council further finds that the modification Resolution #86-119 Page 2 of 4