Resolution - #01-10-391 - 10/23/2001

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• WHEREAS, the City on October 23, 2001, after having published a notice of public hearing in the official newspaper of the City, conducted a public hearing on the Plan and received public comments on the same. BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: 1. The City finds and determines that there is a need for the activities of the Development District to be financed in part by the tax increments from the TIF District. 2. The City finds and determines that the project activities set forth in the Plan will establish, within the City, the opportunity to promote affordable housing for persons of low and moderate income; thereby, assisting with the alleviation of the shortage of decent, safe and sanitary housing. 3. The City finds and determines that the provision of affordable housing and the resultant benefits are in the public interest of the City and the expenditures of the TIF District are a public purpose. 4. The City finds and determines that the tax increment financing plan as set forth in the Plan having been duly reviewed and considered is hereby approved and adopted, and the area described in Exhibit A hereto is hereby designated as a Housing District pursuant to Minnesota Statutes, section 469.174, subdivision 11. 5. The City finds and determines that the TIF District is a housing district because it will result in the development of a residential rental project wherein ninety percent or more of the residential units in the project will be occupied by individuals or families whose income is sixty percent or less of the area median gross income. 6. The City finds and determines that the proposed development, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the Plan. 7. The City finds and determines that the tax increment financing plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF District by private enterprise. 8. The City finds and determines that the tax increment financing plan set forth in • the Plan conforms to the general plan for the development of the City as a whole. Resolution #01 -10 -391 Page 2 of 5