08-14-1991 Council Agenda - Laserfiche WebLink

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No. 623 and Special Intermediate School District No. 916, and the holding of a public hearing upon published and mailed notice as required by law; and NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Little Canada as follows: 1. Thunder Bay Development District, as enlarged. The City is not modifying the boundaries of Thunder Bay Development District, as enlarged. 2. Thunder Bay Tax Increment Financing District No. 1. The City is not modifying the boundaries of Thunder Bay Tax Increment Financing District No. 1. 3. Modification of Tax Increment Financing Plan. The modified Tax Increment Financing Plan is adopted as the tax increment financing plan for Thunder Bay Tax Increment Financing District No. 1, and the City Council makes the following findings: (a) Thunder Bay Tax Increment Financing District No. 1 when established was established as is an economic development district as defined in Minnesota Statutes, Section 469.174, subd. 12. The City reaffirms the findings previously made with respect to the establishment of Thunder Bay Tax Increment Financing District No. 1. (b) The proposed redevelopment in the opinion of the City Council, would not occur solely through private investment within the reasonably foreseeable future and therefore the use of tax increment financing is deemed necessary. The reasons supporting this finding are that: Private investment will not finance these development activities set out in the Tax Increment Financing Plan for Thunder Bay Tax Increment Financing District No. 1 because of prohibitive costs. It is necessary to finance these development activities through the use of tax increment financing so that other development will occur within Thunder Bay Development District, as enlarged. (c) The Tax Increment Financing Plan for Thunder Bay Tax Increment Financing District No. 1 conforms to the general plan for development or redevelopment of the City of Little Canada as a whole. 20596 2 Page 6