1997-134 Council Resolution - Laserfiche WebLink

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Resolution No. 97 — 134 Page —2— Section 2. Findings; Modification of Plan. 2.01. It is found and determined that it is necessary and desirable to the sound and orderly development and redevelopment of Tax Increment Financing District No. 1-1 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. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the development which has occurred within TIF District No. 1-1 which was made possible by major infrastructure improvements in the modified Plan would not reasonably be expected to occur solely through private investment and that therefore the use of tax increment financing is necessary. 2.03. The modified Plan conforms to the general plan for development of the City as a whole. 2.04. The proposed public assistance to be financed largely through tax increment financing in the form of a reimbursement to the City for funds previously spent on infrastructure improvements were necessary to permit the City to realize the full potential of Tax Increment Financing District No. 1-1 in terms of development intensity, employment opportunities and tax base. 2.05. The modified Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the area by private enterprise. Section 3. Approval of Modification; Filing. 3.01. The modified Plan is hereby approved. The modified Plan incorporates by reference the original Plan and all subsequent modifications except as this modified Plan explicitly or by reasonably necessary implications conflicts with the original Plan or previous modifications. 3.02. The geographic boundaries of Tax Increment Financing District No. 1-1 are not affected by this modification and are described in the original Plan. 3.03. The Authority is requested to file a copy of the modified Plan with the Minnesota state auditor as required by the TIF Act. 3.04. The clerk -treasurer is authorized and directed to transmit a certified copy of this resolution to the Authority.