CCRes_83-24 - 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 April 20, 1983 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 District. There has heretofore been established in the City of Falcon Heights a development district known as "Development District No. 1". This development district is hereby enlarged and the boundaries are fixed and determined as shown on the attached Exhibit A incorporated herein by reference. 2. Development Program. The development program as set forth in the report entitled "Development District No. 1 (as amended) and Tax Increment Financing Plan for an Economic Development District No. 1" and dated April 9, 1983, a copy of which is on file in the office of the City Clerk, is adopted as the Development Program for Development District No. 1. 3. Tax Increment Financin Plan. The tax increment financing plan as set orth xn said report is adopted as the Tax Increment Financing Plan for Development District No. 1, and the City Council makes the following findings: • ___ (a) Development District No. 1 is an economic development project as defined in Minnesota Statutes, Section 273.73, the specific basis for such determination being: The development district improvements are a project which will preserve and enhance the tax base of the City. Included is the construction of storm water management facilities which will make possible residential and commercial development of property now vacant and not served by these necessary public improvements.. (b) The Development Program for Development District No. 1, 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 •