Agenda Packets - 1986/09/22 - Laserfiche WebLink

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RESOLUTION NO. 2091 PACE T[•:O Section 2. Findin s for the Establishment of Development District No. 2.01 The Council hereby finds that the establishment of Development District No. 2 is intended and, in the judge- ment of this Council, its effect will be, to provide an impetus for commercial and industrial development in the City, to increase employment, and otherwise promote certain public purposes and accomplish certain objectives as specified in the Development Program. Section 3. Findings for the Establishment of Tax Increment Financing District No. 1 3.01 The Council hereby finds that in certain portions of Tax Increment Financing District No. 1, at least 70 percent of the parcels in the district are occupied by buildings, streets, utilities or other improvements and 20 percent of the buildings are structurally substandard and an additional 30 percent of the buildings are found to require substantial renovation or clearance in order to remove such existing conditions as: inadequate street layout, imcompatible uses or land use relationships, overcrowding of buildings on the land, excessive dwelling unit density, obsolete buildings not suitable for improvement or conversion, or other identified hazards to the health, safety and general well being of the community. 3.02 The Council further finds that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonably forseeable future and, therefore, the use of tax increment financing is deemed necessary; that the Tax Increment Financing Plan conforms to the genera plan for the development or redevelopment of the City as a whole; and that the Tax Increment Financing Plan will afford maximuM opportunity consistent with the sound needs of the City as whole, for the development of Tax Increment Financing nictricr_ No. 1 by private enterprise. 3.03 The Council further finds that the establish- ment of Tax Increment Financing District No. 1 and the approval and adoption of the Tax Increment Financing Plan relating thereto is intended and, in the judgement of this Council, its effect will be, to promote the public purposes and accomplish the objectives specified in the Tax Increment Financing Plan. 3.04 The Council determines and declares that Development District No. 2 is hereby established an' that Tax Increment Financing District No. 1 located therein is hereby established.