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notification of Ramsey County, Independent School District No. <br />623 and Special Intermediate School District No. 916 having <br />taxing jurisdiction over the property to be included in Tax <br />Increment Financing District No. 4, a review by the City Planning <br />Commission, and the holding of a public hearing upon published <br />and mailed notice as required by law. <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of <br />the City of Little Canada as follows: <br />1. Development District No. 1. There is hereby <br />established in the City of Little Canada Development District No. <br />1, the initial boundaries of which are fixed and determined as <br />shown on page 5 of the Development District Plan. <br />2. Development District Plan. The development <br />district plan for Development District No. 1, a copy of which is <br />on file in the office of the City Administrator, is adopted as <br />the Development District Plan for Development District No. 1. <br />3. Tax Increment Financing District No. 4. There is <br />established in the City of Little Canada within Development <br />District No. 1 a tax increment financing district, the initial <br />boundaries of which are fixed and determined as shown on Exhibit <br />I -A of the Tax Increment Financing Plan. <br />4. Tax Increment Financing Plan. The Tax Increment <br />Financing Plan is adopted as the tax increment financing plan for <br />Tax Increment Financing District No. 4, and the City Council <br />makes the following findings; <br />(a) Tax Increment Financing District No. 4 is an <br />economic development district as defined in Minnesota Statutes, <br />Section 469.174, subd. 12, the specific basis for such <br />determination being that the project to be undertaken by EMC <br />Corporation will increase employment in the City and it will <br />result in the preservation and enhancement of the tax base of the <br />City. <br />(b) The proposed redevelopment in the opinion of the <br />City Council, would not occur'solely through private investment <br />within the reasonably foreseeable future and therefore the use of <br />tax increment financing is deemed necessary. <br />The reasons supporting this finding are that: <br />EMC Corporation has represented to the <br />City that it would not undertake the project <br />in Little Canada without the City's use of <br />1830 <br />2 <br />91 39bd 222t,L9090Z1011 Ob,ZI 06:07,17 (Idd) <br />page F!1 <br />dS M1N930b1 S99Id3 610,Sd <br />