07-09-2002 Council Agenda - Laserfiche WebLink

Home Browse Search

constituting or relating to the bases for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. 1.05. The City is not modifying the boundaries of Redevelopment Project Area No. 1 but is however modifying the Redevelopment Plan therefor. Section 2. Findings for the Adoption and Approval of the Plans. 2.01. The Council hereby finds that the Plans, are intended and, in the judgment of this Council, the effect of such actions will be, to provide an impetus for development in the public interest and accomplish certain objectives as specified in the Plans, which are hereby incorporated herein. Section 3. Findings for the Reduction in Size of Existing Tax Increment Financing District No. 3 -2. 3.01. The boundaries initially established for Tax Increment Financing District No. 3 -2 within Redevelopment Project Area No. 1 are hereby reduced and the modified boundaries of which are fixed and determined as described in the Plan Modification. The City reaffirms the findings previously made pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 with respect to Tax Increment Financing District No. 3 -2 In addition, the City makes the following findings: (a) The Plan Modification conforms to the general plan for the development or redevelopment of the City as a whole. The reason for supporting this finding is that the Plan Modification will generally complement and serve to implement policies adopted in the City's comprehensive plan. (b) The Plan Modification will afford maximum opportunity consistent with the sound needs of the City as a whole for the development or redevelopment of Redevelopment Project Area No. 1 by private enterprise. The reason for supporting this finding is that the development activities are necessary so that development and redevelopment by private enterprise can occur within Redevelopment Project Area No. 1. Section 4. Findings for the Establishment of Tax Increment Financing District No. 3 -3. 4.01. The Council 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. 4.02. The Council further finds that the proposed development would not occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the District permitted by the Tax Increment Financing Plan, that the Plans conform to the general plan for the development or redevelopment of the City as a whole; and that the Plans will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development or redevelopment of the District by private enterprise.