10-27-1999 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 ADOPTING THE MODIFIED DEVELOPMENT PROGRAM FOR REDEVELOPMENT PROJECT AREA NO. 1; AND ADOPTING 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 Development Program 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 finds that Tax Increment Financing District No. 3 -2as modified herein is in the public interest and is a "redevelopment district" under Minnesota Statutes, Section 469.174, subd. 10 (a)(1) and finds that the adoption of the proposed Modifications will advance the EDA's and City's objectives of encouraging development within Redevelopment Project Area No. 1. 2. The Modifications, as presented to the EDA on this date, are hereby approved and adopted and shall be placed on file in the office of the City Administrator. 3. Upon approval of the Modifications by the City Council, the staff, the EDA's advisors and legal counsel are authorized and directed to proceed with the implementation of the Modifications and for this purpose to negotiate, draft, prepare and present to this Board for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. Approval of the Modifications does not page 161