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

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whole. 3. The 111, Plan conforms to general plans for development of the City as a 4. The area included within TIF District No. 1-6 qualifies as an economic development TIF district within the meaning of the TIF Act. The conclusions to be reached by the Authority and the City Council regarding the above will be based upon the recommendations of city staff and the planning and zoning board as well as the familiarity of members of the Authority and City Council with the property involved and the likelihood that the property will develop within the reasonably foreseeable future solely through private efforts. E. Development District Program. The Authority adopted a Program for Development District No. 1 on January 26, 1987. The plan for development of the City outlined in the Program will continue to provide the basis of the Authority's efforts to develop portions of the community which have not and remain unlikely to be developed solely through private efforts. The Authority does not propose to modify the Program at this time. This Plan for TIF District No. 1-6 is consistent with the Program for Development District No. 1. F. Description of TIF District. Tax Increment Financing District No. 1-6 will consist of a single parcel of land. The legal description of the property within TIF District No. 1-6 is listed on Exhibit A. A map of the boundaries of TIF District No. 1-6 is attached hereto as Exhibit B. G. Development District Contracts. The Authority has not yet entered into a development contract with regard to the development of any property within 1'J1- District No. 1-6. The Authority is currently negotiating a contract with the developer, UDOR U.S.A., Inc., a manufacturer of agricultural and horticultural pumps. The Authority expects to complete negotiations and to authorize execution of a contract with UDOR U.S.A., Inc. by the time this 111 Plan is approved by the City Council. Contracts regarding property within TIF District No. 1-6 will be entered into in accordance with section 469.176, subd 5 of the TIF Act. H. Classification of TIF District. TIF District No. 1-6 qualifies as an economic development TIF district, pursuant to section 469.174, subd. 11 of the TIF Act. Virtually all of the 6000 sq. ft. within the proposed facility will be a warehouse for the agricultural and horticultural pumps manufactured by the developer in Italy or office space directly related thereto. I. Modification of TIF Plan. The Plan for TIF District No. 1-6 may be modified by the Authority, provided that any enlargement of the geographic area of the TIF District, increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on the debt if that determination was not a part of the original Plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured tax capacity to be retained by the Authority, increase in total estimated tax increment expenditures or designation of additional property to be acquired by the Authority shall be approved upon the notice and after such discussion, public hearing and findings as required for approval of the original Plan. J. Use of Tax Increment. Pursuant to section 469.176, subd 4 of the TIF Act, all revenues derived from TIF District No. 1-6 shall be used in accordance with the TIF Plan. The revenues shall be used to finance or otherwise pay the capital and administrative costs of development activities within the Project as identified in the Program and Plan. K. Excess Tax Increment. Pursuant to section 469.176, subd 2 of the TIF Act, in any year in which the increment exceeds the amount necessary to pay the costs authorized by the Plan, the Authority shall use the excess amount to do any of the following, in the order determined by the Authority: RHs72360 LN140-29 3