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the C(~.~ q,. :i /., it:s effect will be to provide an impetus for
<br />comme,~:,~-:l [tevelopment in the City, increase employment, and
<br />other~;J;~< l>~omote certain public purposes and accomplish certain
<br />object:i.v.:~ ~ s]i~cifJ.ed in the Develot:ment Program.
<br />
<br /> ?..(i~ The CJ.'zy has previously adopted and modified a
<br />Progr~a~ :~:~., Development District No. 1. Except for the extent
<br />the modJ.:~Jc,-! ]?rogrz~ adopted herewith explicitly or by reasonably
<br />neces~:~'~].? :i,-~pl:i.cation amends the previously modified Program,
<br />such Er,~,~.~,t,~ continues to be an expression of the intent of the
<br />cit-.y~
<br />
<br /> ~:e~': :ion 3~ Fin____din_~ Related to the Establishment
<br />of Ta~. !~ ~ ',~: 9,:~:.~ri..t_ ~.~.nf~r_ j~_i__n~pi~strict _N9..__4~
<br />
<br /> '~[). It is the opinion of the Council that development
<br />of l-h.:: ~3.:,,~(;rlnies included within Tax Increment Financing
<br />Dist):i(L ti::, ~. would not reasonably be expected to occur solely
<br />throuc[!~_~ p,:J.~.~a'l:e investment within the reasonably foreseeable
<br />future ¢~!t~ '~o the lack of adequate streets and public utilities
<br />and tbah -;.2:~ use of tax increment financing for certain site
<br />improve~'~( ~ k'h':', % J th. in this area is therefore necessary.
<br />
<br /> ..:~iJ;i The Counci.1 finds that the Tax Increment
<br />Financ:i~(i :.:e,..~ for Tax Increment Financing District No. 4 conforms
<br />to the ~ue:~l }.~lan for development of the City, based upon the
<br />recommt~,~6.~t:.:~-~;s of cit'.y staff~ because it calls for construction
<br />of st~e~ t.,.~ water, sanitary sewer, storm sewer and street
<br />light:[~,~ J~::i.].Jties needed to promote development in the area.
<br />
<br /> :',.fi:: 'l't':,e Council finds that the Tax Increment
<br />Fina. ncJ~,i~ ]?] an for Tax Increment Financing District No. 4 will
<br />afford r.~.~?,:i~q~m opportunity, consistent with the sound needs of
<br />the Cit.y a~; .~ whole~ for development of the District by private
<br />enterp~J:3c by providing the infrastructure necessary to encourage
<br />deve]_o~,e-...~ .~:~ i:h¢': area~
<br />
<br /> t.0~ The Council further finds that the establishment
<br />of Tax [~t~;~:r,~:nt Financing District No. 4 is intended and, in the
<br />judgmer~i: ~,~ ~,he Council, its effect will be to promote the public
<br />purpose:: ;:n/: accomp].ish the objectives specified in the Tax
<br />
<br /> ';.'.':~ t' i.or, 4. B~_ploroval of the Modified Development
<br />Pr~_r.a~_j_ e_u~/i. '?'a"!. ~Ipqrement Financinq Plan.
<br />
<br /> ,if.i)_i The ModJ. fied Development Program for Development
<br />DJ. str'i(:l, i-:~... J. and the Tax Increment Financing Plan for Tax
<br />Increm,:~': ?~nan¢'.ing District No. 4 and hereby approved and
<br />adop~ted.
<br />
<br /> ~.i!'.' The geographic boundaries of expanded Development
<br />Distric'~ t,.,~,~, and of Tax Increment Financing District No. 4 are
<br />describ(_~(~ ii~'~ .he Development Program and Tax Increment Financing
<br />Plan the~.i~',: .'~d are J.n~)ri×)rated herein by reference.
<br />
<br />Re.s~Jl ution 987-175
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