Resolution - #88-107a - 06/21/1988

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Secti~i~. ?~ Findings; Development District. 2.0]. iI~ is hereby found and determined that within the District there exist cond:!r_~_o~zs of economic obsolescence, physical deterioration, under- utilization ~d inappropriate uses of land. 2~02~ i.t i.s further specifically found and determined that: ~:he land in the District would not be made available for levelopment without the public intervention and financial ~ssistance described in the modified Program and Plan; modified Program will afford maximum opportunity, ~:ons~stent with the sound needs of the City as a whole, for the 4avelopment of the District by private enterprise; and modified Program conforms ~[ave].opment of the City as set i~a~nicipal plano to the general plan for forth in the comprehensive 2.03,~ AiI.I the findings made by the City at the time of the adoption of the Prog~a~ on ;sugust 27, 1985~ are hereby reaffirmed. Section, '~ Findings; Tax Increment Financin~ District. 3~0t.. It :is found and determined that it is necessary and desirable for the sound ~mt ol.'derly development and development of the District and the City as a whole, a~it for the protection and preservation of the public health, safety, and. i~on,'ral welfare, that the authority of the TIF Act be exercised by the City t~ i~o~-~.de public financial assistance to the District. 3~02. 1~. ~:'s further found and determined, and it is the reasoned opinion of the City, ~l~at the development proposed in the modified Program and Plan could not re;~nab].y be expected to occur solely through private investment within the r~-~a~'onably foreseeable future and that therefore the use of tax increment t¥~.~.ing is necessary. 3.03~ Tim proposed public improvements to be financed largely through tax increm~: iinancing are necessary to permit the City to realize the full potential of tim District in terms of development intensity, emPloyment opportunit:[e~ a~,d tax base. 3~04~ Ti~<~ modified Plan conforms to the general plan of development of the City 3o05~ The modified Plan will afford maximum opportunity, consistent with the sound ~med~ of the City as a whole, for the development of the TIF District by p~!',~ate enterprise. 3.06~, All} of the findings made by the City at the time of the adoption of the Pla.~ ~.~ ~.ugust 27, i985, are hereby reaffirmed.