CCRes_85-38 - Laserfiche WebLink

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(b) The proposed redevelopment in the opinion of the City Council, would not occur solely through private investment within the reasonably foreseeable future and therefore the use of tax increment financing is deemed necessary. The reasons supporting this finding are that: The Project must compete with vacant downtown office space available in Minneapolis and St. Paul to be successful, the Project's office rental space must be priced lower than these two cities. Tax increment revenues are needed as an economic incentive to ensure the success of the Project. (c) The Tax Increment Financing Plan conforms to the general plan for development or redevelopment of the City of Falcon Heights as a whole. The reasons for supporting this finding are that: 1) The Project area is properly zoned; • 2) The City of Falcon Heights is in need of increasing its commercial/industrial tax base; 3) The City has very little office space and is strategically located between St. Paul and Minneapolis; 4) Nearly 2/3 of the City is currently tax exempt; and 5) There exists a demand for office facilities by University professors and research analysts. (d) The Tax Increment Financing Plan will afford maximum opportunity, consistent with the sound needs of the City of Falcon Heights as a whole, for the development or redevelopment of Economic Development District No. 1-3 by private enterprise.