01/26/1987 Council Minutes (2) - Laserfiche WebLink

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1 1 1 COUNCIL MEETING January 30, 1987 effect will be, to provide an impetus for single familyiandeaulti- family residential housing development in the City, in em- ployment and otherwise promote certain publicppurposes and accom fish certain objectives as specified in Increment Financing Plan. Section 3. Statutor Findin:s for the Creation of Housin District No. 1 -1. 3.01. The Council hereby finds that Housing District No. 1 -1 is a housing district as defined in Minnesota Statutes, Section 273.73; Subd. 11 in that: A portion of this project is intended for occupancy, in part, by persons or families of law and moderate income, as defined in Chapter 462A, Title II of the National Housing Act of 1934, the National Housing act of 1959, the United States Housing , as Title V of the Housing Act of 1949, as amended , ent or future federal, state, or municipal legislation, or the regu- lations promulgated under any The reasons supporting this finding are that Housing District No. 1 -1 constitutes single family development innChaptert462Ade- for velopment will meet the quali fications low and moderate income families. In addition, the aubliccimprovements to be constructed within Develop housing intended for occu the development of additional multifamily pancy, in part, by persons or families of low and moderate income as defined in Minnesota Statutes, Section 273.73, Subd. 11. 3.02. The Council further finds that the proposed lelsedhdev lopment, in the opinion of the Council, would not occur investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. The specific ba- sis for such finding being: Dis- trict single family housing development constituting Housing trict No. 1 -1 and the additional multifamily residential housing de- velopment expected to occur woulWenooccur mwitho t the useeofanublic financing to provide sanitary sewer improve therefore the use of tax increment financing is deemed Because of the high cost of putting in the sanitary the developers would not construct the proposed housing hrough and therefore the development would not occur solely investment within the reasonably foreseeable future. 3.03. The Council finds that the Tax Increment Financing Plan conforms to the general plan for ithe development for riredevelopment of the City as a whole. The spec The reason supporting this finding is that Housing District No. 1 -1 is properly zoned and ehpo implement Increment polieiescadoppedninithegen- erally compliment and se V City's comprehensive plan. 102