1998-171 Council Resolution - Laserfiche WebLink

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L L Section 2. Findings for the Adoption and Approval of the Plans. 2.01. The Council hereby finds that the Plans, are intended and, in the judgment of this Council, the effect of such actions will be, to provide an impetus for development in the public purpose and accomplish certain objectives as specified in the Plans, which are hereby incorporated herein. Section 3. Findings for the Modification of Tax Increment Financing District No. 1-7. 3.01 The Council hereby reaffirms the original findings for the Tax Increment Financing District No. 1-7 as modified herein, namely: that District No. 1-7 is in the public interest and is an "economic development district" under Minnesota Statutes, Section 469.174, subd. 12; that the proposed development would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future; that the Modification conforms to the general plans for development of Lino Lakes as a whole; and that the Modification will afford maximum opportunity, consistent with the sound needs of the community as a whole, for development of the District by private enterprise. Section 4. Findings for the Establishment of Tax Increment Financing District No. 1-9. 4.01. The Council hereby finds that Tax Increment Financing District No. 1-9 is in the public interest and is an "economic development district" under Minnesota Statutes, Section 469.174, subd. 12. 4.02. The Council further finds that the proposed development would not occur solely through private investment within the reasonably foreseeable future and that the increased market value on the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of District No. 1-9 permitted by the Tax Increment Financing Plan, that the Plans conform to the general plan for the development or redevelopment of the City as a whole; and that the Plans will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of District No. 1-9 by private enterprise. 4.03. The City elects to make a qualifying local contribution in accordance with Minnesota Statutes, Section 273.1399, subd. 6(d), in order to qualify District No. 1-9 for exemption from state aid losses set forth in Section 273.1399. 4.04. The Council further finds, declares and determines that the City made the above findings stated in this Section and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. Section 5. Approval and Adoption of the Plans. 5.01. The Plans, as presented to the Council on this date, includingwithout limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the Community Development Director. 5.02. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Plans and to negotiate, draft, prepare and present to this Council for N:\M innsota\LINOLAKE\TIF 1-9\city_res. wpd