Resolution - #88-069 - 04/26/1988

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Sect~rJ 2~ Findings; Development District. 2.01~ i~: ~,,; hereby found and determined that within the District there exist cond~tior~s of economic obsolescence, physical deterioration, under- utilizatior~ a,,~,d inappropriate uses of land. 2~02.. ii:: .is further specifically found and determined that: ~.:he land in the District would hOC be made available for ~,~evelopment witho, t the public intervention and financial ~..¢sistance described in the modified Program and Plan; modified Program will afford maximum opportunity, ,~onsistent with the sound needs of the City as a whole, for the deve]opment of the District by private enterprise; and i:he modified · ~[evelopment of ~,:~nicipal plan. Program conforms to the general plan for the City as set forth in the comprehensive 2.0];~ All the findings made by the City at the time of the adoption of the Progzaz~ ~z~ A~gust 27, 1985, are hereby reaffirmed. Sec~io',~ 7.~. Findings; Tax Increment Financing District. 3.0]. lit i.s found and determined that it is necessary and desirable for the sounci a,.~. o~derly development and development of the District and the City as a whol~.~ a~',d for the protection and preservation of the public health, safety, ~md g£.n~;ral welfare, that the authority of the TIF Act be exercised by the City t,> pro~ide public financial assistance to the District. 3.01!o ]~: ~_s further found and determined, and it is the reasoned opinion of the Cj.t)'~ t]~at the development proposed in the modified Program and Plan could not ~'aa,';~nab~[y be expected to occur solely through private investment within the ~:ea:;onab]_y foreseeable future and that therefore the use of tax increment fl~n~cing is necessary. 3.071~ '~_'i~, proposed public improvements to be financed largely through tax increme-~.i: ;inancing are necessary to permit the City to realize the full potentia;~ .~f. ~he District in terms of development intensity, employment opportun:!tJe:; ~nd tax base. 3.0~,~ ?'h~- modified Plan conforms to the general plan of development of the City 3.05. 'Tl~c~ modified Plan will afford maximum opportunity, consistent with the sou~.d n.~e~is of the City as a whole, for the development of the TIF District by ~r:~uate enterprise. 3.06~ A'i2 of the findings made by the City at the time of the adoption of the P[a~ c,n August 27, 1985, are hereby reaffirmed.