Laserfiche WebLink
is possible under this program and, therefore, is not <br />contributing to the tax base to its full potential. <br />Therefore, the City has determined to exercise its <br />authority to develop a program for improving the District of <br />the City to provide an impetus for private development, to <br />maintain and increase employment, to utilize existing <br />potential and to provide other facilities as are outlined in <br />the Development Program adopted by the City. <br />The Council has also determined that the proposed <br />developments would not occur solely through private investment <br />in the foreseeable future, that the tax increment financing <br />plan proposed herein for the District is consistent with this <br />Development Program, and that the tax increment financing <br />plans will afford maximum opportunity, consistent with the <br />sound needs of the municipality as a whole, for the <br />development or redevelopment of the District by private <br />enterprise. <br />The Council finds that the welfare of the City as well as <br />the State of Minnesota requires active promotion, attraction, <br />encouragement and development of economically sound industry <br />and commerce to carry out its stated public purpose <br />objectives. <br />Subsection 1.3. Statutory Authority. <br />The Council determines that it is desirable and in the <br />public interest to establish, develop and administer a <br />Development Program for the District in the City, pursuant to <br />the provisions of the Development District Act. <br />Funding of the necessary activities and improvements in <br />the District may be accomplished through tax increment <br />financing in accordance with the Tax Increment Financing Act, <br />and through the use of industrial revenue bonds pursuant to <br />Minnesota Statutes, Chapter 469 (the "Act "). <br />The City has designated a specific area within the <br />corporate limits of the City as Development District No. 2 as <br />authorized by Section 469.126 of the Development District Act <br />as outlined in this document. Within the District, the City <br />plans to undertake a redevelopment district as the type of tax <br />increment financing district established pursuant to Minnesota <br />Statutes, Section 469.174, Subd. 10, of the Tax Increment <br />Financing Act. <br />1 -3 <br />Page 10 <br />