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1995-065 Council Resolution
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1995-065 Council Resolution
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City Council
Council Document Type
Resolutions
Meeting Date
06/12/1995
Council Meeting Type
Regular
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welfare, that the authority of the TIF Act be exercised by the Authority and the City to provide <br />public financial assistance. <br />2.02. It is further found and determined, and it is the reasoned opinion of the City, that <br />the development proposed in the modified Plan could not reasonably be expected to occur solely <br />through private investment within the reasonably foreseeable future and that therefore the use of <br />tax increment financing is necessary. <br />2.03. The modified Plan conforms to the general plan for development of the City as a <br />whole. <br />2.04. The proposed public assistance to be financed largely through tax increment <br />financing are necessary to permit the City to realize the full potential of Tax Increment Financing <br />District No. 1-4 in terms of development intensity, employment opportunities and tax base. <br />2.05. The modified Plan will afford maximum opportunity, consistent with the sound <br />needs of the City as a whole, for the development of the area by private enterprise. <br />Section 3. Approval of Modification; Filing. <br />3.01. The modified Plan is hereby approved. The modified Plan incorporates by <br />reference the original Plan and all subsequent modifications except as this modified Plan <br />explicitly or by reasonably necessary implication conflicts with the original Plan or previous <br />`- modifications. <br />3.02. The geographic boundaries of Tax Increment Financing District No. 1-4 are not <br />affected by this modification and are as described in the original Plan. <br />3.03. The Authority is requested to file a copy of the modified Plan with the Minnesota <br />commissioner of revenue as required by the TIF Act. <br />3.04. The clerk -treasurer is authorized and directed to transmit a certified copy of this <br />resolution to the Authority. <br />DATED: June 12 , , 1995. <br />Vernon F. Reinert, Mayor <br />A1"1'EST: <br />arllyn u Anderson <br />Clerk -Treasurer <br />RHB62063 <br />LN140-11 <br />
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