2011-087 Council Resolution - Laserfiche WebLink

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• Section 1. Findings; Development District. 1.01. It is hereby found and determined that within the District there is a need to improve the tax base and employment opportunities, and to provide an impetus for commercial development. 1.02. It is further specifically found and determined that, as authorized by the Special Law, tax increment from the TIF District will be used to will help finance critical public infrastructure that was needed to facilitate existing and future development described in the Program as modified. Section 2. Findings; TIF District No.1 -10. 2.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the 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 Development District. 2.02. The City reaffirms that development proposed in the original TIF Plan, in the opinion of the City, would 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 TIF District permitted by the Amended TIF Plan. 2.03. The Amended TIF Plan conforms to the general plan for the development of the City as a whole. 2.04. The Amended 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 District by private enterprise. 2.05. The TIF District remains an economic development district under Section 469.174, Subd. 12 of the TIF Act, but in accordance with the Special Law, tax increments may be spent to pay debt service on the TIF Bonds and the Improvement Bonds. 2.06. Reasons and facts supporting the above findings are set forth in the original TIF Plan and are incorporated herein by reference. The City further finds that the Special Law expressly authorizes use of tax increments from the TIF District to pay debt service on the TIF Bonds and Improvements Bonds, both of which bonds were issued in order to make development of the TIF District and Development District feasible as described in the original findings for establishment of the TIF District. As such, the Amended TIF Plan implements the Special Law and helps the Authority and City to continue financing the critical infrastructure described in the original TIF Plan. Section 3. Further Proceedings. 3.01. The Amended TIF Plan and Amended Program are approved in substantially the form on file in City all, conditioned only upon adopted by the Authority of a resolution approving the Amended Program and Amended TIF Plan. 390470v1 SJB LN140 -80