1997-049 Council Resolution - Laserfiche WebLink

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1.09. The Council has fully reviewed the contents of the modified Program and Plan and has on April 28, 1997 conducted a public hearing thereon at which the views of all interested persons were heard. Section 2. Findings Relating to the Modification of the Development District Program. 2.01. It is found that an additional portion of the community has not developed to a degree which its prominence in Lino Lakes would otherwise warrant solely through private efforts and that its inclusion within the Development District would be consistent with the reasons for establishing the Development District. 2.02. It is also found that the modification for the Program of Development District No. 1 would likely promote development of the area as a whole. 2.03. It is found that the Authority has the power and authority under Minnesota Statutes, sections 469.090-469.108 (the "EDA Act") and (the "TIF Act") to expand the boundaries of Development District No. 1 and to adopt the modified Program in order to promote such development. Section 3. Findings Relating to the Establishment of Tax Increment Financing District No. 1-8. 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. 1-8. 3.02. It is further found and determined, and it is the reasoned opinion of the City, that the development and redevelopment projects proposed in the Plan for Tax Increment Financing District No. 1-8 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 Authority and the City to realize the full potential of Development District No. 1 in terms of development intensity and tax base. 3.04. The Plan for Tax Increment Financing District No. 1-8 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. 1- 8. In addition, the staff has reviewed the property to be included within Tax Increment Financing District No. 1-8 and prepared a report on the conditions of the buildings located thereon which RHB121664 LN140-56