1988-096 Council Resolution - Laserfiche WebLink

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'., • Section 2. Findings; Tax Increment Financing District. • • 2.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the District 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 City to provide public financial assistance to the District. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the Plan could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary. 2.03. The public improvements and other expenditures proposed to be financed through tax increment financing are necessary to permit the City to realize the full potential of the District in terms of development intensity, employment opportunities and tax base. 2.04. The Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of TIF District No. 1 -2 by private enterprise. 2.05. The City Council has relied upon the opinions and recommendations of its staff and planning and zoning board and the personal knowledge of the members of the council in reaching its conclusions regarding the Plan and the establishment of TIF District No. 1 -2. 2.06. The City Council finds that TIF District No. 1 -2 is an economic development tax increment financing district within the meaning of Section 469.174, Subd. 12 of the TIF Act. Section 3. TIF District Established; Certification; Filing. 3.01. The Plan for TIF District No. 1 -2 is hereby approved and adopted. TIF District No. 1 -2 is hereby established. 3.02. The geographic boundaries of TIF District No. 1 -2 are as described in the Plan, which is hereby adopted by reference. 3.03. The city clerk is authorized and directed to transmit a certified copy of this resolution together with a certified copy of the Plan to the auditor of Anoka County with a request that the original assessed value of the property within TIF District No. 1 -2 be certified to the City pursuant to Section 469.177, Subd. 1 of the TIF Act and to file a copy of the Plan with the Minnesota commissioner of trade and economic development as required by the TIF Act. 3.04. With respect to Minnesota Statutes, Chapter 473F, the City elects TIF District No. 1 -2 to be treated under the provisions of Section 469.177, Subd. 3(b) of the TIF Act. 2