1993-015 Council Resolution - Laserfiche WebLink

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Section 2. Findings Relating to the Establishment of Tax Increment �-- Financing District No. 1-5. 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 Authority and the City to establish Tax Increment Financing District No. 1-5. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the senior housing project proposed in the Plan for Tax Increment Financing District No. 1-5, 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 to assist the project. 2.03. The 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 and tax base. 2.04. The Plan for Tax Increment Financing District No. 1-5 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the tax increment financing district by private enterprise. 2.05. The Council has relied upon the opinions and recommendations of its staff, the Authority and the 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 Tax Increment Financing District No. 1-5. 2.06. Tax Increment Financing District No. 1-5 is a housing tax increment financing district within the meaning of Minnesota Statutes, section 469.174, Subd. 11. Section 3. Approval of the Tax Increment Financing Plan; Establishment of Tax Increment Financing District No. 1-5. 3.01. The Plan for Tax Increment Financing District No. 1-5 is hereby approved as adopted by the Authority. 3.02. Tax Increment Financing District No. 1-5 is hereby established. The boundaries of Tax Increment Financing District No. 1-5 are as described in the Plan and incorporated herein by reference. 3.03. The Executive Director of the Authority 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 tax capacity of the property within Tax Increment Financing District No. 1-5 be certified to the Authority and the City pursuant to section 469.177, Subd. 1 of the Tax Increment Financing Act and to file a copy of the Plan for Tax Increment Financing District No. 1-5 with the Minnesota department of revenue. 3.04 The City Administrator is authorized and directed to transmit a copy of this resolution to the Authority. RHB46713 LN140-25