11-22-1995 Council Agenda - Laserfiche WebLink

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NOV 16 '95 03.00PM EHLERS & ASSOCIATES EXHIBIT A RESOLUTION # P. 6/6 The reasons and facts supporting the findings for the adoption of the modified Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 2 -1, 3, and 5 as required pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 are as follows: 1. Finding that the proposed development, In the opinion of the 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 City has undertaken an extensive process to create a guide for the development of the Rice Street - Little Canada Road area. This process found that an active role of the City was needed to meet the development objectives and that tax increment financing was the primary tool available to the City. Both the planning process and the City's contact with the developers confirm that the use of tax increment financing is needed to remove the barriers to redevelopment and to make redevelopment opportunities financially feasible. Further, the lack of development in the tax increment districts in recent years demonstrates that the development will not occur without the use of tax increment financing. 2. Finding that the Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 2-1, 3, and 5 conforms to the general plan for the development or redevelopment of the municipality as a whole. The revisions to the Tax Increment Financing Plans are the result of the Development Guide for the Rice Street - Little Canada Road area. The revisions are identified as implementation actions for the Guide. The Guide will be incorporated into the City's revised Comprehensive Plan. Further, the modified Tax Increment Financing Plan proposals have been reviewed by the Planning Commission and been found by resolution passed on October 12, 1995 to conform to the general development plan of the City. 3. Finding that the Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 2 -1, 3, and 5 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of Development Districts by private enterprise. The Development Guide for the Rice Street - Little Canada Road area provides a framework for shaping the redevelopment of the community. It is the intent of the CIty to use tax increment financing as a catalyst for private investment by removing development barriers, providing necessary infrastructure, creating a viable business environment, and providing viable sites fin development. The planning undertaken by the City indicates that these actions are needed to create the maximum opportunity for private development. - 3 - Page 19