07/21/1994 P&Z Packet - Laserfiche WebLink

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"Tax Increment Financing District" or "TIF District" means Tax Increment Financing District No. 1-6, which is being created and established within Development District No. 1 pursuant to the TIF Act; and "Tax Increment Financing Plan" or "Plan" means the Plan for !IP District No. 1-6, which will be adopted by the City Council on July 28, 1994. B. Statutory Authority. Pursuant to section 469.175, subd 4 of the TIF Act, the Authority is authorized to establish tax increment financing districts to facilitate and provide financing for the development objectives articulated in the Development District Program. The Authority has previously established and currently administers five tax increment financing districts within the Project. The Authority now intends to establish TIF District No. 1-6 pursuant to the 111' Act. C. Statement of Objectives. The Authority seeks to achieve the following objectives through the establishment of TIF District No. 1-6: 1. promote and secure the prompt development of property in Development District No. 1 in a manner consistent with the Comprehensive Plan and with minimal adverse impact on the environment, which property is currently less productive because of the lack of proper utilization and lack of investment, thus promoting and securing the development of other land in the City; 2. promote and secure additional employment opportunities within Development District No. 1 for residents of the City and the surrounding area, thereby improving living standards and preventing unemployment and the loss of skilled labor and other human resources in the City; 3. secure the increase of property subject to taxation by the City, County, school district and other taxing jurisdictions in order to better enable such entities to pay for public improvements and governmental services and programs required to be provided by them; 4. promote the concentration of appropriate industrial uses and related development within Development District No. 1 in order to maintain the area in a manner compatible with its highest and best use; and 5. encourage development within the District which is aesthetically pleasing and which creates a positive visual image of the City. The Authority's specific objective in establishing TIF District No. 1-6 is to assist the developer of a proposed 6,000 square feet warehouse facility. The facility will be a national distribution center for a company manufacturing agricultural and horticultural pumps. The Authority intends to assist the project by using tax increment to pay for special assessments which have been levied against the property by the City. D. State of Public Purpose. In adopting the Plan for TIF District No. 1-6, the Authority and the City will make the following findings: 1. Anticipated development would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and, therefore, the use of '11P is deemed necessary; 2. The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the Project by private enterprise; and RHB72360 LN190-29 2