04-10-2013 Council Agenda - Laserfiche WebLink

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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 Program and Plan Modifications, which are hereby incorporated herein. 2.02. The Council hereby finds that parcels listed in Appendix C of the modified TIF Plan should be included in Tax Increment Financing District No. 6, and adjacent streets and right -of way property; thereby changing the geographic shape of Tax Increment Financing District No. 6. 2.03. The addition of the above - referenced parcels constitute the modified TIF Plan for Tax Increment Financing District 6, and staff is directed to maintain a copy of this resolution with the records for Tax Increment Financing District No. 6. Section 3. Findings for the Modification of Tax Increment Financing District No. 6 -1 3.01. The Council reaffirms the original findings for the District as a "redevelopment district" under Minnesota Statutes, Section 469.174, Subd. 10 (a)( I) of the Act. 3.02. The Council reaffirms the original findings that the proposed redevelopment 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 "Fax Increment Financing Plan, that the Program and Plan Modifications conform to the general plan for the development or redevelopment of the City as a whole; and that the Program and Plan Modifications 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. 3.03. The Council further finds, declares and determines that the City made the above findings stated in this Section and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. 3.04. The City reaffirms to calculate fiscal disparities for the District in accordance with Minnesota Statutes, Section 469.177, Subd. 3(b), which means the fiscal disparities contribution, would be taken from inside the District. Section 4. Public Purpose 4.01. The adoption of the Program and Plan Modifications conform in all respects to the requirements of the Act and will help fulfill a need to develop an area of the City which is already built up, to provide employment opportunities, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. For the reasons described in Exhibit A, the City believes these benefits directly derive from the tax increment assistance provided under the Plan. The developer will receive only the assistance needed to make this development financially feasible. As such, any private benefits received by the developer are incidental and do not outweigh the primary public benefits. Section 5. Approval and Adoption of the Program and Plan Modifications 5.01. The Program and Plan Modifications, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Administrator.