CCRes_84-32 - Laserfiche WebLink

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C. Said proposal has heretofore been given • preliminary approval by the City Council; and D. A public hearing was duly held on said proposal on this date (September 19, 1984) in accordance with the provisions of the Act; NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Falcon Heights as follows: 1. Development Program. The development program as set forth in the report entitled "Development District No. 2 July 11, 1984 and the Tax Increment Financing Plan for Redevelopment District No. 1" and dated September 19, 1984, a copy of which is on file in the office of the City Clerk, is adopted as the Development Program for Development District No. 2. 2. Tax Increment Finance District No. 1. There is established in the City of Falcon Heights within Development District Na. 2 a tax increment finance district to be known as "Tax Increment Finance District No. l," the initial boundaries of which are fixed and determined as shown on the attached Exhibit A incorporated herein by reference. 3. Tax Increment Financing Plan. The tax increment financing plan as set forth in said report is adopted as the • Tax Increment Financing Plan for Tax Increrent Finance District No. 1, and the City Council makes the following findings: (a) Tax Increment Finance District No. 1 is a redevelopment district as defined in Minnesota Statutes, Section 273.73, the specific basis for such determination being: The Tax Increment Finance District i1o. 1 is an area of the City of Falcon Heights where 70 percent of the parcels of such district are occupied by buildings, streets, utilities or other improvements and more than 50 percent of the building, not including outbuildings, are structurally substandard to a degree requiring su'pstantial renovation or clearance. The reasons supporting this finding are that a fire destroyed the. principal business in the District over two years ago. The other buildings adjacent to a now vacant lot have deteoriated to such an extent that new