Resolution - #96-12-340 - 12/10/1996

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2.02. Section 3. 3.01. 3.02. 3.03. 3.04. 3.05. 3.06. 3.07. 3.08. 3.09. 3.10. The findings made by the City Council at the time of the adoption of the Program on August 27, 1985 are hereby reaffh'med. Findings; Tax Increment Financing District. 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 the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public f'mancial assistance to the TIF and Development Districts. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the Plan for TIF District No. 7 could 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. The proposed public improvements to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the TIF and Development Districts in terms of development intensity, employment opportunities and tax base. The Plan conforms to the general plan of development of the City as a whole. The Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF and Development Districts by private enterprise. Tax Increment Financing District No. 6 is a redevelopment district, pursuant to §469.174, Subd. 10(a) of the TIF Act because parcels consisting of 70 percent of the area of the district are occupied by buildings, streets, utilities, or other improvements and more than 50 percent of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance. The establishment of Tax Increment Financing District No. 7 and the approval of the Plan therefore is intended, and in the City's judgment its effect will be, to promote the public purposes and accomplish the objectives specified in the Plan. The City elects the method of tax increment computation set forth in Section 469.177, subd. 3, clause (b). The City elects to make a qualifying local contribution in accordance with Minnesota Statutes, Section 273.1399, subd. 6(d), in order to qualify TIF District No. 7 for exemption from state aid losses set forth in Section 273.1399. The factual basis for the findings herein are set forth in the Plan. RESOLUTION #96-12-340 Page 2 of 3