03-22-2000 Council Agenda - Laserfiche WebLink

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LITTLE CANADA ECONOMIC DEVELOPMENT AUTHORITY CITY OF LITTLE CANADA RAMSEY COUNTY STATE OF MINNESOTA RESOLUTION NO. RESOLUTION APPROVING THE MODIFIED REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT AREA NO. 1; AND APPROVING THE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-2 THEREFOR. WHEREAS, it has been proposed that the Board of Commissioners (the "Board ") of the Economic Development Authority (the "EDA)" for the City of Little Canada (the "City") adopt the Modified Redevelopment Plan for Redevelopment Project Area No. 1 and modify Tax Increment Financing District No. 3 -2 and adopt the Modification to the Tax Increment Financing Plan therefor, (collectively, the "Modifications "), all pursuant to and in conformity with existing law, including Minnesota Statutes, Sections 469.090 through 469.1081, and Sections 469.174 to 469.179, inclusive, as amended, all as reflected in the Modifications and presented for the Board's consideration; and WHEREAS, the EDA has investigated the facts relating to the Modifications and has caused the Modifications to be prepared; and WHEREAS, the proposed developments as described in the Modifications, in the opinion of the EDA, would not reasonably be expected to occur solely through private investment within the reasonable foreseeable future and, therefore, the use of tax increment financing is deemed necessary; and WHEREAS, the EDA and the City have performed all actions required by law to be performed prior to the adoption of the Modifications; and WHEREAS, the City Council has approved the Modifications and submitted said Modifications to the EDA for consideration and adoption. NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The EDA hereby reaffirms the original findings for Tax Increment Financing District No. 3 -2 as modified herein, namely that Tax Increment Financing District No. 3 -2 is in the public interest and is a "redevelopment district" under Minnesota Statutes, Section 469.174, subd. 10 (a)(1) and that the proposed development would not occur solely through private investment within the reasonably foreseeable future and therefore the use of tax increment financing is deemed necessary, the Modifications conform to the general plan for the development or redevelopment of the C ity as a whole, and that the Modifications will afford maximum opportunity consistent with the sound needs of the city as a whole, for the development of Redevelopment Project Area No. 1 by private enterprise. 2. The reasons supporting these findings are that private investment will not finance these development activities due to prohibitive costs, and therefore it is necessary to finance these redevelopment activities through the use of tax increment financing so that other development by private enterprise will Page 23