Laserfiche WebLink
Resolution No. 97 - 133 <br />Page -2- <br />that the authority of the TIF Act be exercised by the Authority and the City to provide public <br />financial assistance. <br />2.02. It is further found and determined, and it is the reasoned opinion of the City, that the <br />development proposed in the modified Plan could not reasonably be expected to occur solely <br />through private investment within the reasonable 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. 1-7 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 reference <br />the original Plan and all subsequent modifications except as this modified Plan explicitly or by <br />reasonably necessary implications conflicts with the original Plan or previous modifications. <br />3.02. The geographic boundaries of Tax Increment Financing District No. 1-7 are not <br />affected by this modification and are described in the modified Plan dated March 25, 1996. <br />3.03. The Authority is requested to file a copy of the modified Plan with the Minnesota <br />state auditor 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 />3.05. The Authority is authorized and directed to contact the Anoka County auditor and <br />request that the tax capacities of the parcels added to the TIF District as a result of this <br />modification be reflected in the original tax capacity of the TIF District. <br />