2003-123 Council Resolution - Laserfiche WebLink

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1.03. It is further specifically found and determined that the development described in the Program as modified would not be feasible without the public intervention and financial assistance described in the modified Program and Plan. 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 proposed development, 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 TIF Plan. 2.03. The Plan conforms to the general plan for the development of the City as a whole. 2.04. The 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 is an economic development district under Section 469.174, Subd. 12 of the TIF Act. 2.06. Reasons and facts supporting the above findings are set forth in the Plan and are incorporated herein by reference. The Council has also relied upon the reports and recommendations of its staff and consultants as well as the personal knowledge of members of the Council in reaching its conclusions regarding the modified Program and the Plan. Section 3. Approvals; Further Proceedings. 3.01. The Program and the Plan are hereby approved in substantially the forms on file in City Hall. 3.02. The Community Development Director is authorized to forward a copy of the Program and the Plan to the Office of the State Auditor pursuant to Minnesota Statutes 469.175, subd. 2. 3.03. The City Clerk is authorized and directed to forward a copy of the Plan to Anoka County and request that the Auditor certify the original tax capacity of the TIF District as described in the Plan, all in accordance with Minnesota Statutes 469.177. SJB-235626v1 LN 140-81