Laserfiche WebLink
Section 2. Findings; Project Plan Modification. 110 <br /> 2.01. The findings stated in the Project Plan are incorporated herein by reference. <br /> 2.02. It is further specifically found and determined that: <br /> a) the land within the Project would not be made available for development without <br /> the public intervention and financial assistance described in the Project Plan <br /> Modification; <br /> b) the Project Plan Modification will afford maximum opportunity, consistent with <br /> the sound needs of the City as a whole, for the development of the land within the <br /> Project by private enterprise; <br /> c) the Project Plan Modification conforms to the general plan for development of the <br /> City as set forth in the comprehensive municipal plan; <br /> d) the Project Plan Modification will provide employment opportunities,and improve <br /> the tax base and the general economy of the state; and <br /> e) the Project Plan Modification will provide an impetus for commercial <br /> development. • <br /> Section 3. Findings: TIF District No. 4. <br /> 3.01. It is found and determined that it is necessary and desirable for the sound and <br /> orderly development of the Project and the City as a whole, and for the protection and <br /> preservation of the public health, safety, and general welfare, that the authority of the TIF Act <br /> be exercised to provide public financial assistance to the TIF District and the Project. <br /> 3.02. It is further found and determined,and it is the reasoned opinion of the EDA,that <br /> the development proposed in the TIF Plan could not reasonably be expected to occur solely <br /> through private investment within the reasonably foreseeable future and the increased market <br /> value of the site that could reasonably be expected to occur without the use of tax increment <br /> financing would be less than the increase in the market value estimated to result from the <br /> proposed development after subtracting the present value of the projected tax increments for the <br /> maximum duration of the district permitted by the TIF Plan. <br /> 3.03. The proposed public costs to be financed in part through tax increment financing <br /> are necessary to permit the City to realize the full potential of the TIF District and the Project <br /> in terms of development intensity, employment opportunities and tax base. <br /> 3.04. The TIF Plan for TIF District No. 4 conforms to the general plan of development <br /> of the City as a whole. <br /> D.76120155 <br /> MQ205-4 <br />