2016-075 Council Resolution - Laserfiche WebLink

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L District as expanded would not be available for development without the fmancial aid to be sought under the modified Development Plan; (b) the Development Plan, as modified, will afford maximum opportunity, consistent with the needs of the City as a whole, for the development of the Development District by private enterprise; and (c) the Development Plan, as modified, conforms to the general plan for the development of the City as a whole. Section 2. Findings; TIF District. 2.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development District, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public financial assistance to the TIF District and the Development District. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the TIF Plan could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the TIF Plan. 2.03. The proposed public improvements to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the 1'11 District and the Development District in terms of development intensity, employment opportunities, and tax base. 2.04. The TIF Plan conforms to the general plan for development of the City as a whole. 2.05. The 111 Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF District and the Development District by private enterprise. 2.06. The TIF District is an economic development district under Section 469.174, subdivision 12 of the TIF Act. 2.07. Reasons and facts supporting all the above findings are set forth in the 1lr Plan and are incorporated herein by reference. The City Council has also relied upon the reports and recommendations of its staff and consultants, as well as the personal knowledge of members of the City Council, in reaching its conclusions regarding the III' Plan. Section 3. Public Purpose. The adoption of the TIF Plan conforms in all respects to the requirements of the TIF Act. The TIF Plan will help facilitate development that will retain an existing business in the City, retain jobs within the City, and increase the tax base. The City expressly fords that the tax increment assistance is provided solely to make the development financially feasible and thus produce the public benefits described. Therefore, the City finds that the public benefits of the TIF Plan exceed any private benefits. 483318v1 JAELN140-116 2