07-23-2003 Council Agenda - Laserfiche WebLink

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ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA CITY OF LITTLE CANADA COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. RESOLUTION ADOPTING A MODIFICATION TO DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRIC NO. 2 AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 2-2 THEREIN 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 Development Program for Development District No. 2 (the "Development Program Modification ") and establish Tax Increment Financing District No. 2 -2 (a renewal and renovation tax increment financing district) and adopt a Tax Increment Financing Plan (the "TIF Plan ") therefor (the Development Program Modification and the TIF Plan are referred to collectively herein as the "Program Modification and Plan "), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.090 to 469.1082 and Sections 469.174 to 469.1799, inclusive, as amended (the "Act "), all as reflected in the Program Modification and Plan and presented for the Board's consideration; and WHEREAS, the EDA has investigated the facts relating to the Program Modification and Plan and has caused the Program Modification and Plan to be prepared; and WHEREAS, the EDA has performed all actions required by law to be performed prior to the adoption of the Program Modification and Plan. The EDA has also requested the City Planning Commission to provide for review of and written comment on Program Modification and Plan and that the Council schedule a public hearing on the Program Modification and Plan 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 "renovation and renewal district" under Minnesota Statutes, Section 469.174, Subd. 10a, and finds that the adoption of the proposed Program Modification and Plan 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 Program Modification and Plan 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 Program Modification and Plan conform to the general plan for the development or redevelopment and the City as a whole and will afford maximum opportimity, consistent with the sound needs for the City as a whole, for the development or redevelopment of the project area by private enterprise in that the intent is to provide only that public assistance necessary to make the private developments financially feasible. 3. Conditioned upon the approval thereof by the City Council following its public hearing thereon, the Program Modification and Plan, as presented to the EDA on this date, are hereby approved, established and