1987-001 Council Resolution - Laserfiche WebLink

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411 The single family housing development constituting Housing Dis- trict No. 1 -1 and the additional multifamily residential housing de- velopment expected to occur would not occur without the use of public financing to provide sanitary sewer improvements to the sites and therefore the use of tax increment financing is deemed necessary. Because of the high cost of putting in the sanitary sewer improvements, the developers would not construct the proposed housing developments and therefore the development would not occur solely through private investment within the reasonably foreseeable future. 3.03. The Council finds that the Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the City as a whole. The specific basis for such finding being: The reason supporting this finding is that Housing District No. 1 -1 is properly zoned and the Tax Increment Financing Plan will gen- erally compliment and serve to implement policies adopted in the City's comprehensive plan. 3.04. The Council further finds that the Tax Increment Financing Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of Development District No. 1 by private enterprise. The specific basis for such finding being: IIIAs previously stated, the development activities, consisting of public improvements to be financed by tax increment financing are necessary so that additional housing development by private enterprise can occur within Development District No. 1. Section 4. Approval of the Development Program and Tax Increment Financing Plan and Establishment of Development District No. 1 and Housing District No. 1 -1. 4.01. The Development Program for Development District No. 1 and the Tax Increment Financing Plan for Housing District No. 1 -1 are hereby approved and adopted and shall be placed on file in the office of the City Administrator. There is hereby established Development District No. 1, the boundaries of which are set forth in the Develop- ment Program adopted for Development District No. 1. There is hereby created within the Development District No. 1 Housing District No. 1 -1, the boundaries of which are set forth in the Tax Increment Financing Plan adopted for Housing District No. 1 -1. 4.02. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Development Program and the Tax Increment Financing Plan and this purpose to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. Section 5. Certification. The Auditor of Anoka County is requested to certify the original assessed value of Housing District No. 1 -1 as described in the Tax -3-