Laserfiche WebLink
relating thereto, and the modification of the Tax Increment <br />Financing Plan for Thunder Bay Tax Increment Financing District <br />No. 1, including, but not limited to, notification of Ramsey <br />County and Independent School District No. 623 and Special <br />Intermediate School District No. 916, and the holding of a public <br />hearing upon published and mailed notice as required by law; and <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of <br />the City of Little Canada as follows: <br />1. Thunder Bav Development District. The Thunder Bay <br />Development District is hereby enlarged as described in the <br />Development Program. <br />2. Modification of Development Program. The modified <br />development program for Thunder Bay Development District, a copy <br />of which is on file in the office of the City Administrator, is <br />adopted as the Development Program for Thunder Bay Development <br />District, as enlarged. <br />3. Thunder Bev Tax Increment Financina District No. 1. <br />The City is not modifying the boundaries of Thunder Bay Tax <br />Increment Financing District No. 1. <br />4. Modification of Tax Increment Financing Plan. The <br />modified Tax Increment Financing Plan is adopted as the tax <br />increment financing plan for Thunder Bay Tax Increment Financing <br />District No. 1, and the City Council makes the following <br />findings: <br />(a) Thunder Bay Tax Increment Financing District No. 1 <br />when established was established as is an economic development <br />district as defined in Minnesota Statutes, Section 469.174, subd. <br />12. The City reaffirms the findings previously made with respect <br />to the establishment of Thunder Bay Tax Increment Financing <br />District No. 1. <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 />Private investment will not finance these <br />development activities set out in the Tax Increment <br />Financing Plan for Thunder Bay Tax Increment Financing <br />District No. 1 because of prohibitive costs. It is <br />necessary to finance these development activities <br />3187 <br />2 <br />Page 14 <br />