1995-081 Council Resolution - Laserfiche WebLink

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2.02. It is also found that the establishment of Development District No. 3 in this area would likely promote development of the area. 2.03. It is found that the Authority has the power and authority under the EDA Act and TIF Act to establish Development District No. 3 and to adopt the Program in order to promote such development. Section 3. Findings Relating to the Establishment of Tax Increment Financing District No. 3-1. 3.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development District and the community 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. 3-1. 3.02. It is further found and determined, and it is the reasoned opinion of the City, that the development projects proposed in the Plan for Tax Increment Financing District No. 3-1 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. 3.03. The expenditures proposed to be financed through tax increment financing are necessary to permit the City to realize the full potential of Development District No. 3 in terms of development intensity and tax base. 3.04. The Plan for Tax Increment Financing District No. 3-1 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the Development District by private enterprise. 3.05. 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. 3-1. 3.06. Tax Increment Financing District No. 3-1 is an economic development tax increment financing district within the meaning of Minnesota Statutes, section 469.174, subd. 12. Section 4. Approval of the Development District Program and Tax Increment Financing Plan; Establishment of Development District No. 3 and Tax Increment Financing District No. 3-1. 4.01. The Program for Development District No. 3 is hereby adopted. 4.02. The Plan for Tax Increment Financing District No. 3-1 is hereby approved as adopted by the Authority. 4.03. Tax Increment Financing District No. 3-1 is hereby established. The boundaries of Tax Increment Financing District No. 3-1 are as described in the Plan and incorporated herein by reference. RBB90913 LN140-37