03-28-2018 Planning Commission Packet

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"Tax Increment Financing District" means any tax increment financing district presently established or to be established in the future in Development District No. 7. "Tax Increment Financing Plan" or "Plan" means the Plans adopted by the City for any Tax Increment Financing District. Subsection 1-2. Statutory Authority The City established Development District No. 7 pursuant to the Municipal Development District Act. It is authorized that the City will administer the Development District No. 7 and any tax increment financing districts. Within the Development District No. 7, the City plans to create one or more tax increment financing districts established pursuant to the Tax Increment Act to finance the public improvements proposed for the Development District. The public improvements may be initially financed from other City sources, including, but not limited to the use of improvement bonds issued pursuant to Minnesota Statutes, Chapter 429, which sources the City may reimburse from tax increment proceeds derived from tax increment districts to be created with the Development District No. 7. The tax increment district or districts will be created at such time as will enable the City to capture the increase in taxable value of private improvements to be constructed within the Development District No. 7. Subsection 1-3. Statement of and Finding of Public Purpose In recent months, the City has been reviewing the future development of the community. This review has defined several important roles for the City of Little Canada. • Facilitating development activities that are compatible with overall community development objectives of the City. • Removing the physical and economic barriers to development. • Providing the infrastructure needed to support development. • Providing sites for future development. The City intends to use the powers allowed under the Enabling Act to fill these roles, to promote development and redevelopment throughout the City, and to pool resources in order to reduce financial barriers to providing decent housing and development and redevelopment opportunities. The City has found that there is a need for development and redevelopment within the Development District based upon the following conditions: 1. The Development District contains numerous parcels containing buildings or improvements which, by reason of dilapidation, obsolescence, overcrowding, faulty arrangement or design, lack of ventilation, light and sanitary facilities, excessive land coverage, deleterious land use or obsolete layout, and a combination of these and other factors is detrimental to the safety, health, morals or welfare of the community. City of Little Canada Development Program for Development District No. 7 1-2