Agenda Packets - 1997/04/28 - Laserfiche WebLink

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Section 2. Findings; Project Plan Modification. .1 stated in the Project Plan are incorporated • 2.01. The findings stated herein by reference. 2.02. It is further specifically found and determined that: a) the land within.the Project would not be made available for development without the public intervention and financial assistance described in the Project Plan Modification; b) the Project Plan Modification will afford maximum opportunity, co is h t with the sound needs of the City as a whole, for the development of the land‘,4thin,the Project by private enterprise; c) the Project Plan Modification conforms to the general plan for development of the City as set forth in the comprehensive municipal plan; d) the Project Plan Modification will provide employment opport-anitie , the tax base and the general economy of the state; and e) the Project Plan Modification will provide an impetus for cotrmerciil development Section 3. Findings; TIF District No. 4. 1111 3.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Project 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 to provide public financial assistance to the TIF District and the Project 3.02. It is further found and determined, and it is the reasoned opinion of the EDA, that the development proposed in the TIF Plan could not reasonably be expected to oc sd y through private investment within the reasonably foreseeable future and the increased market value of 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 the district permitted by the TIF Plan. 3.03. The proposed public costs to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the TIF District and the Project in terms of development intensity, employment opportunities and tax base. 3.04. The TIF Plan for TIF District No. 4 conforms to the general plan of development of the City as a whole. • .YG120155 MQ205-4 8/£ 30tVd OICSL££ZL9'QI N3AK2in 'S AQ3NN3N=WO2I3 SS 'L0 LS-LL-2Idtt