2022-126 Council Resolution - Laserfiche WebLink

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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 tan increment financing are necessary to permit the City to realize the full potential of the TIF 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 TIF 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 TIF 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 TIF 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 and redevelopment of land in the City,provide additional employment opportunities within the City, increase the tax base, and improve the general economy. The City expressly finds 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. Section 4. Approvals;Further Proceeding 4.01. The TIF Plan for the TIF District is hereby approved and adopted in substantially the form on file at City Hall. 4.02. The City Council hereby transmits the TIF Plan to the Board of Commissioners of the Authority(the"Board")and recommends that the Board adopt the TIF Plan. 4.03. Upon approval of the TIF Plan by the Board,the Authority is authorized and directed to file a request for certification of the TIF District with the County Auditor and to file a copy of the TIF Plan with the Minnesota Commissioner of Revenue and the Office of the State Auditor as required by the TIF Act. Adopted by the City Council of the City of Lino Lakes,Minnesota this 10I'day of October,2022. The motion for the adoption of the foregoing resolution was introduced by Councilmember Lyden and was duly seconded by Councilmember Cavegn and upon vote being taken thereon, the following voted in favor thereof. Lyden,Cavegn,Ruhland, Stoesz,Rafferty 2