1993-096 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 to the sound and orderly development and redevelopment of the project area 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 provide public financial assistance within the project area. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the redevelopment proposed in the modified 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 modified Plan conforms to the general plan for redevelopment of the City as a whole. 2.04. The proposed public improvements to be financed largely through tax increment financing are necessary to permit the City to realize the full potential of the project area in terms of development intensity, employment opportunities and tax base. 2.05. The modified Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment of the project area by private enterprise. Section 3. Approval of Modification; Filing. 3.01. The modified Plan is hereby approved. The modified Plan incorporates by reference the original Plan except as the modified Plan explicitly or by reasonably necessary implication conflicts with the original Plan. 3.02. The geographic boundaries of Tax Increment Financing District No. 1-4 are not affected by this modification and are as described in the original Plan. 3.03. The Authority is requested to file a copy of the modified Plan with the Minnesota commissioner of revenue as required by the TIF Act. 3.04. The city clerk is authorized and directed to transmit a certified copy of this resolution to the Authority. DATED: December 13 , 1993. ATTEST : r 5- 6-7z-.6-€-291)-9,-‘ Marhlyn Anderson Clerk Treasurer RHH62063 LN140-11 Vernon F. Reinert, Mayor