Laserfiche WebLink
increa.~:~ ~,~p[oy~nent, and otherwise promote the public purposes <br />ar, d ac~ o.,p[ i~h the objectives as specified in the Development <br />Program. <br /> <br /> Related to the Modification of the <br />~iT~9!'.~em~e~_t~._F~i_n~nci_nB District No. 1. <br /> <br /> :~0:1 It is the opinion of the Counc il that the <br />deve].op.~,~ ,~:I! Tax Increment Financing District No. 1 would not <br />reasonab.i7 r~r~: e×pected to occur solely through private investment <br />wJthi~ t.'t,~, re.~sonably foreseeable future and that the use of tax <br />incremer~.~ f.i~.anc~ng for the purposes outlined in the Plan for Tax <br />Increm.~-~i~ i:' na~cing District No. 1 is therefore necessary. <br /> <br /> 7,~02 The Council finds that the Tax Increment <br />Financ;>~?~ P an for Tax Increment Financing District No. 1 <br />confor~.~ ~ th~ general plan for development of the City. <br /> <br /> i~,~03 The Cou~cil finds that the Tax Increment <br />FinancJ~.g ~ilan for Tax Increment Financing District No. 1 will <br />afford ~×;'.~m opportunity, consistent with the sound needs of <br />the City ~;~ ~ whole, for development of the District by private <br />enterpr J :~! <br /> <br />i',~04 Th~ Co~,~cil further finds that the modification <br />of the ~1;~, for Tax Increment Financing District No. 1 is <br />intende~l ~.~d~ in the judgment of the Council. its effect will be <br />to pro~ot~': the public purposes and accomplish the objectives <br />specified ~,~ t',.t: T~x Increment Financing Plan. <br /> <br />',;~ ~ ~. A~jt~r__oy~._l of the Modified Program and Plan. <br /> <br /> 4~03 The modified Development Program for Development <br />District- I-It:., [ and the modified Tax Increment Financing Plan for <br />Tax !r,~r~,m~'~.i~ F.inancing District No. 1 are hereby approved and <br />adopted~ <br /> <br /> ~i)2 Th~ City Administrator is authorized and directed <br />to file ,,,~ ,'.~ ~y of the modified Development Program and modified <br />Tax Inc~'~,~':~ Financing Plan with the Minnesota Commissioner of <br />Energy ~I i!~::,omj.~~ Development° <br /> <br /> ,:~0~:~ Th~, City may at the appropriate time take action <br />to i,~-~s~ ~d se.l 1 its general obligation bonds pursuant to the <br />Tax Inc-.'~,,.~,~.t FinancJ ng Act to finance the public costs <br />identifJ~c!. i',?. the Development Program and Tax Increment Financing <br />Plan~ <br /> <br />Resolution #87-134 <br /> Page 2 of 3 <br /> <br /> <br />