12/18/1995 Council Packet - Laserfiche WebLink

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1.08. The Authority has adopted the modified Plans and referred them to the City for public hearing and consideration as provided by the TIF Act and the City Development District Act. 1.09. The City has fully reviewed the contents of the modified Plans and has on this date conducted a public hearing thereon at which the views of all interested persons were heard. Section 2. Findings; Modification of Plans 2.01. It is found and determined that it is necessary and desirable to the sound and orderly development and redevelopment of Tax Increment Financing District Nos. 1-1 and 1-2 and the City as a whole, 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 Authority and the City to provide public financial assistance. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the development which has occurred within the TIF District Nos. 1-1 and 1-2 which was made possible by major infrastructure improvements in the modified Plans would not reasonable have been expected to occur solely through private investment and that therefore the use of tax increment financing was necessary. 2.03. The modified Plans conform to the general plan for development of the City as a whole. 2.04. The public assistance to be financed largely through tax increment financing in the form of a reimbursement to the City for funds previously spent on infrastructure improvements were necessary to permit the City to realize the full potential of Tax Increment Financing District Nos. 1-1 and 1-2 in terms of development intensity, employment opportunities and tax base. 2.05. The modified Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the area by private enterprise. Section 3. Approval of Modification; Filing 3.01. The modified Plans are hereby approved. The modified Plans incorporate by reference the original Plans and all subsequent modifications except as these modified Plans explicitly or by reasonable necessary implication conflicts with the original Plans for previous modifications. 3.02. The geographic boundaries of Tax Increment Financing District Nos. 1-1 and 1-2 are not affected by this modification and are as described in the original Plans. 3.03. The Authority is requested to file a copy of the modified Plans with the Minnesota commissioner of revenue as required by the TIF Act.