04-22-1992 Council Agenda - Laserfiche WebLink

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FROM BRIGGS MORGRN SP <FRI?04, 17.'92 10:17 NIO.8 PAGE 4 because of prohibitive costs. It is necessary to finance these development activities through the use of tax increment financing so that other development by private enterprise will occur within Development District No. 1. (c) The Tax Increment Financing Plan for Tax Increment Financing District No. 4 conforms to the general plan for development or redevelopment of the City of Little Canada as a whole. The reasons for supporting this finding are that: (i) Tax Increment Financing District No. 4 is properly zoned; and (ii) The Tax Increment Financing Plan will generally compliment and serve to implement policies adopted in the City's comprehensive plan. (d) The Tax Increment Financing Plan will afford maximum opportunity, consistent with the sound needs of the City of Little Canada as a whole, for the development or redevelopment of Development District No. 1 by private enterprise. The reasons supporting this finding are that: The development activities are necessary so that development and redevelopment by private enterprise can occur within Development District No. 1. 5. public Purpose. The Modified Development Program for Development District No. 1, and the Modified Tax Increment Financing Plan for Tax Increment Financing District No. 4 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. 6. Filing. The City Administrator is further authorized and directed to file a copy of the Modified Development Program and Modified Tax Increment Financing Plan for Tax Increment Financing District No. 4 with the Commissioner of Revenue. 216782 3 Page 17