Resolution - #98-11-278 - 11/24/1998

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2.02 It is further found and determined that, since initial establishment of the Development Districts, development and redevelopment needs have changed, requiring expansion of the boundaries of Development District No. 1 to incorporate certain additional area as further described in the modified Program. 2.03 It is further specifically found and determined that: b) c) the land within the Development District as expanded would not be made available for development without the public intervention and financial assistance described in the modified Program and TIF Plans; the modified Program will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Development District by private enterprise; and the Development District and modified Program conform to the general plan for development of the City as set forth in the comprehensive City Plan. Section 3 Findings; TIF District Nos. 1, 2, 4 and 6. 3.01. 3.02. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development District, 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 financial 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 modified Program and TIF Plans could not reasonably be expected to occur solely through private investment within the reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary. The factual basis for this finding is that the only modification proposed in the TIF Plans is to increase expenditures for a combination of public and private improvement throughout the Development District. Significant infrastructure needs remain in parts of the original Development District, and in the area added to the Development District by this modification. Major improvements such as street, sewer and water would not be financially feasible without tax increment assistance; even if some of the improvements were assessable, the amount of assessments required may exceed benefit, and in the City's judgment the assessment burden would impede commercial and industrial development. The TIF Plans also include assistance for a housing facility to be owned by Anoka County Housing and Redevelopment Authority (County HRA) and financed jointly by the-City and County HRA. Pro formas for that project indicate that it would not be financially feasible without the tax increment assistance provided in the modified TIF Plans. Finally, the City's historical experience has shown that certain commercial and industrial developments will not occur without tax increment assistance to reduce the cost of land acquisition, site improvements and related development costs. RESOLUTION #98-11-278 Page 2 of 4