Resolution 05-EDA208B - Laserfiche WebLink

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. '- . MOU\DS VIEW ECONOIVIIC DEVELOPMENT AUTHORITY CITY OF MOlJ~DS VIEW COrNTY OF RA~\'ISE\' STATE OF )H:"oINESOTA RESOLUTION NO. 05-EDA-208B RESOIXTION ADOPTING A l\lOnIFICATlON TO THE PROJECT IJLAI\ FOR THE MOlNDS VIEW ECONOl\UC DEVELOPI\'IENT PROJECT, ESTABLISHING TAX INCRE)lENT FINA:"oICING DISTRICT NO.5 THEREIN AND ADOPTING A TAX INCRE\IEl\T FINAI\CI:"oIG IJLAN THEREFOR. WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Mounds View Economic Development Authority (the "LOA") and the City of Mounds View (the "City") that the EDA adopt a Modification to the Project Plan for the Mounds View Economic Development Project (the "Project Plan Modification") and establish Tax Increment Financing District No.5 and adopt a Tax Increment Financing Plan (the "TIF Plan") therefor (the Project Plan Modirication and the TIF Plan are rdcrred to col1ectively herein as the "Plans"). all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.090 to 469.1082, and Sections 469.174 to 469.1799, inclusive, as amended (the "Act"), al1 as reflected in the Plans and presented for the Board's consideration: and WHEREAS, the LDA has investigated the facts relating to the Plans and has caused the Plans to be prepared: and WHEREAS, the EDA has performed all actions required by law to be performed prior to the adoption of the Plans. The EDA has also requested the City Planning Commission to review the Plans and that the Council schedule a public hearing on the Plans upon published notice as requircd by lmv. NOW. THEREFORE, BE IT RESOLVED by the Board as follO\vs: 1. The I~DA hereby finds that Tax Incremcnt Financing District No. 5 is in the public interest and is an "economic development district" under the 2005 Laws or Minnesota. Chaptcr 152, Article 2, Section 26 (H.F No. 2498) (the "Special Legislation"), and finds that the Plans conform in all respects to the requirements of the Act and will help fulfill a need to develop an area of the Statc of Minnesota which is underutilized and that the adoption of the proposed Plans \vill help provide cmployment opportunities in the State and will result in the prcservation and enhancement of the tax basc of the City and the State bceause it will diseouragc commerce and industry from moving their opcrations to another state or municipality and thereby serves a public purpose. 2. Thc EDA further finds that the Plans will afford maximum opportunity, consistent with the sound needs for the City as a whole. for the development or redevelopment of the project area by private enterprise in that the intent is to providc only that public assistance necessary to make the private devclopments tinancial1y feasible. 3. The EDA has rcviewed the TIF Plan for the proposed Tax Increment Financing District NO.5 and supports the follO\ving parcels. adjacent rights-of-way. and abutting roadways be included in thc proposed district: