1995-063 Council Resolution - Laserfiche WebLink

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1.09. The Council has fully reviewed the contents of the Plan and has on May 22, 1995 `-- conducted a public hearing thereon at which the views of all interested persons were heard. Section 2. Findings Relating to the Establishment of Tax Increment Financing District No. 1-7. 2.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development 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. 1-7. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the industrial projects proposed in the Plan for Tax Increment Financing District No. 1-7 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 projects. 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 Development District in terms of development intensity and tax base. 2.04. The Plan for Tax Increment Financing District No. 1-7 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the Development District by private enterprise. 2.05. The City has relied upon the opinions and recommendations of its staff, the Authority and the personal knowledge of the members of the city council in reaching its conclusions regarding the Plan and the establishment of Tax Increment Financing District No. 1-7. 2.06. Tax Increment Financing District No. 1-7 is an economic development tax increment financing district within the meaning of Minnesota Statutes section 469.174, subd. 12. Section 3. Approval of the Tax Increment Financing Plan; Establishment of Tax Increment Financing District No. 1-7. 3.01. The Plan for Tax Increment Financing District No. 1-7 is hereby approved as adopted by the Authority. 3.02. Tax Increment Financing District No. 1-7 is hereby established. The boundaries of Tax Increment Financing District No. 1-7 are as described in the Plan and incorporated herein by reference. 3.03. The City elects for Tax Increment Financing District No. 1-7 to be treated as described in Minnesota Statutes, section 469.177, subd. 3(a) with regard to fiscal disparities. RHB88883 LN140-36