Resolution 6594B - Laserfiche WebLink

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. . 05-30-23-21-0006 05-30-23-24-0059 05-30-23-24-0060 1.06 Project. The City is not modifying the boundaries of the Mounds Vicw Economic Dcvelopmcnt Scction 2. Findings for the Adoption and Approval of the Plans 2.01. The Council hcreby finds that the Plans, are intended and. in thc judgment or this Council, the errect of such actions will be, to provide an impetus 1'01' development in the public intercst and accomplish certain objectivcs as specilicd in the Plans, which are hereby incorporatcd herein. Section 3. Findings flJr the Establishment of Tax Increment Financinl! District No.5 3.01. The Council hereby finds that the District is in the public intcrcst and is an "economil: development district" established undcr thc 2005 Laws of Minnesota, Chapter 152, Article 2, Section 26 (II.F No. 2498) (the "Special Legislation"), located in the Mounds View Economic Developmcnt Project. 3.02. The Council further finds that the proposed redevelopment would not occur solely through private investment within the reasonably taresceable futurc and that thc increased market value of the site that could reasonably be expectcd to occur without the use of tax incremcnt financing would be less than the increase in thc market value estimatcd to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration or thc District pCl111itted by the Tax Increment Financing Plan, that thc Plans conform to the general plan tar thc developmcnt or redevelopment of the City as a whole; and that thc Plans will aflard maximum opportunity consistent with the sound needs or the City as a whole, for the dcvelopment or redevelopment of the District by private enterprise. 3.03. The Council further finds, declares and determines that the City made the above findings stated in this Section and has set tarth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. 3.04. Pursuant to the Special Legislation, Subd. 2(t), the limitation on the ability to elect the method of computation under M.S., Section 469.177, Subd. 3, lar an economic development district does not apply and the EDA or City may elect the method of computation under paragraph (a) or (b) of section M.S., Section 469.177, Subd. 3. The EDA will choose to calculate fiscal disparities by clause b (inside the District). Section 4. Public Purpose 4.01. The adoption of the Plans con larms in all respects to the requirements of the Act and will help discourage commerce, industry, or manufacturing rrom moving their operations to another state, municipality or country, will result in increased employment in the state, and will result in preservation and enhancement ofthe tax base of the State and thereby serves a public purpose. Section 5. Approval and Adoption of the Plans 5.01. The Plans, as presented to thc Council on this date, including without limitation the findings and statements of objectives containcd therein, arc hereby approved, ratified, established, and adopted and shall be placed on file in the oflice ofthe City Administt'ator.