07-09-2002 Council Agenda - Laserfiche WebLink

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ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF' LITTLE CANADA CITY OF LITTLE CANADA RAMSEY COUNTY STATE OF MINNESOTA RESOLUTION NO. RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT AREA NO. 1, APPROVING THE REDUCTION IN SIZE OF EXISTING TAX INCREMENT FINANCING DISTRICT NO. 3 -2 THEREIN AND ADOPTING THE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN, AND ESTABLISHING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3 -3 WITHIN REDEVELOPMENT PROJECT AREA NO 1 AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR. WHEREAS, it has been proposed by the Board of Commissioners (the "Board ") of the Economic Development Authority of the City of Little Canada (the "EDA ") and the City of Little Canada (the "City ") that the EDA adopt a Modification to the Redevelopment Plan for Redevelopment Project Area No. 1, establish Tax Increment Financing District No. 3 -3 (a housing tax increment financing district) therein and adopt a Tax Increment Financing Plan therefor, and adopt a Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 3 -2 within Redevelopment Project No. 1 defining more precisely its reduction in size (collectively, the "Plans "), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047, Sections 469.090 to 469.1082, and Sections 469.174 to 469.179, inclusive, as amended (the "Act "), all as reflected in the Plans and presented for the Board's consideration; and WHEREAS, the EDA has investigated the facts relating to the Plans and has caused the Plans to be prepared; and WHEREAS, the EDA has performed all actions required by law to be performed prior to the adoption of the Plans. The EDA has also requested the City Planning Commission to provide for review of and written comment on Plans and that the Council schedule a public hearing on the Plans upon published notice as required by law. NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The EDA hereby finds that Tax Increment Financing District No. 3 -3 is in the public interest and is a "housing district" under Minnesota Statutes, Section 469.174, Subd. 11, and finds that the adoption of the proposed Plans conforms in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State of Minnesota which is already built up and that the adoption of the proposed Plans will help provide employment opportunities in the State and in the preservation and enhancement of the tax base of the City and the State because it will discourage commerce and industry from moving their operations to another state or municipality and thereby serves a public purpose. 2. The EDA further finds that the Plans conform to the general plan for the development or redevelopment and the City as a whole and will afford maximum opportunity, consistent with the sound needs for the City as a whole, for the development or redevelopment of the project area by private enterprise