06-20-11 Council Agenda - Laserfiche WebLink

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»LS., Chapter 117 and other relevant state and federal laws. 3. Upon approval of a developer's plan relating to the project and completion of the necessary legal requirements, the City may sell to a developer selected properties that it may acquire within the District or may lease land or facilities to a developer. 4. The City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public street work within the District. The City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public streets work within the District. (AS MODIFIED , 2011) As of the date of this modification, the Authority has entered into contracts with the following developers for the following development activities: 1. St. Jude MVMedical, Inc., dated June 2, 2008. Activity is the construction of approximately 170,000 square foot office and medical devise research and development facility. Subsection 2 -5. Description of Property in the District and Property To Be Acquired The District encompasses all property and adjacent rights -of -way ancl abutting roadways identified by the parcels listed in Appendix C of this TIP Plan. Please also see the map in Appendix 6 for further information on the location of the District. (AS MODIFIED , 2011) The parcels in the District have been replatted and new parcel ID numbers assigned. The original parcel numbers and new parcel numbers are listed in Appendix C of this TIE Plan. Please also see the map in Appendix 13 of the TIF Plan for finalized plat lines. Subsection 2 -6. Classification of the District The City, in determining the need to create a tax increment financing district in accordance with M.S., Sections 469.174 to 469.1799, as amended, inclusive, find that the District, to be established, is a renewal and renovation district pursuant to MS., Section 469.174, Subd. 10a. as defined below: (a) "Renewal and renovation district" paeans a type of tax increment financing district consisting of'a project, or portions of a project, within which the Clly finds by resolution shat: (1) (1) parcels consisting gf 70 percent gf the area of the clist•ic( are occupied by buildings, streets, utilities, paved or gravel parking lots, or other slnralcrr structures; (ii) 20 percent of the burlclings are .structurally szrbslanclard; and (iii) 30 percent of die other buildings require substantial renovation or clearance to remove existing conditions such as: inadequate street layout, incompatible uses or land use relationships, overcrowding of buildings on the land, excessive dwelling unit density, obsolete buildings not suitableJbr hnaprovement or conversion, or other identified hazards to the health, safety, and general well -being of' the community; City of I Mile Canada Tax Increment Financing Plan lin Tax harm 8 ing District No. 5- I 2 -2