Resolution - #90-04-108 - 04/24/1990

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Section 2. ~!in_!!g_s,,i Develoi~ment District. 2.01. The (;ity Council finds that the modified Program for Development District No. 1 is intended, and in the judgment of the Council its effect will be, to provide an impetus for commercial and i~dustrial development in the City, increase employment, and otherwise promote the public p~J rposes and accomplish the objectives as specified in the modified Program. 2.02. The fir, dir~gs made by the City Council at the time of the adoption of the Program on August 27, 1985 art: hereby reaffirmed. Section 3. E~j,.ngs; Tflx Increment Financing District. 3.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development District and the City as a whole, and for the protection and preservation of ~h<: public health, safety, and general welfare, that the authority of the TIF Act be exercised by thc City to provide public financial assistance to the TIF and Development Districts. 3.02. It is ftmht:r found and determined, and it is the reasoned opinion of the City, that the development proposed in the Program and the Plan could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increme_at financing is necessary. 3.03. The propos,,;d public improvements to be financed in part through tax increment financing are necessary ~o permit the City to realize the full potential of the TIF and Development Districts in terms of development intensity, employment opportunities and tax base. 3.04. The I:'t~,t co~forms to the general plan of development of the City as a whole. 3.05. The l:'Ian will afford maximum opportunity, consistent with the sound needs of the City as a whole, for thc dew~lopment of the TIF and Development Districts by private enterprise. 3.06. Tax h,r:rcm,:.nt Financing District No. 5 is an economic development district under Section 469.174, sub& 1.2 of the TIF Act, because the development proposed in the Plan will preserve and enhanc{z thc City's tax base. 3.07. The e:3i ablisilment of Tax Increment Financing District No. 5 and the approval of the Plan therefore is intcndt;d, and in the City's judgment its effect will be, to promote the public purposes and accompli:d~ th{., objectives specified in the Plan. Section 4~ ]'r-~gram and Plan Adoptedl Certificationl Filing. 4.01. The mc, tifi{z.,t Program and the Plan are hereby approved and adopted. 4.02. The gcograptfic boundaries of the Development District and of the TIF District are described in the modified Pr%ram and Plan therefore and are incorporated herein by reference. 4.03. Tht: City Administrator is authorized and directed to transmit a certified copy of this resolution togcthe~ with a certified copy of the modified Program and the Plan to the Auditor of Anoka Cot, nty with a request that the original tax capacity of the property within Tax Increment Financing District No. $ be certified to the City pursuant to Section 469.177, subd. 1 of the TIF Act, and to file a c,-~py of the modified Program and the Plan with the lVlinnesota Commissioner of Revenue as required by the TIF Act. Resolution #90-04-108 Page 2 of 3