Agenda Packets - 1986/10/06 - Laserfiche WebLink

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F. G. inclusive, finds that the district to be established Is a redevelopment district pursuant to Minnesota Statutes Section 273.73, Subdivision (71 10. It has been determined that 15 of the parcels in the district percent) are occupied by buildings, streets, utilities or other Improvements And 27 percent of the buildings are structurally substnndnrd and an ndditionai 40 percent of the buildings are found to reauire substnntial renovation or clearance In order to remove such existing conditions as: inadequate street layout, incompatlbie 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 health, safety and general well-being of the community. The 15 structures on the 21 parcels of land constituting the redevelopment district have been investigated by consultants. Four of the 15 buildings are deteriorated and structurally substandard to a degree requiring clearance and 0 other structures are found to require substantial renovation in order to remove such existing conditions as: inadequate street layout, incompatible 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. Thus, the tax Increment financing district appears to meet the statutory requirements of A redevelopment district and will henceforth be referred to as a tax increment financing district. The parcels that redevelopment have been used to establish eligibility as a redevelopment tax increment financing district are listed in Appendix C. Parcels in Acquisition 1. Properties identified for acquisition will be acquired by the City In order to accomplist one or more of the following: remove, prevent, of blight, or the spread of or reduce blight, blighting factors, causes blight and deterioration; to eliminate unhealthful, unsafe, and unsanitary structures and conditions; reduce traffic hazards; provide land for needed public streets, utilities, And facilities; remove Incompatible land use, eliminate obsolete or detrimental uses; assemble land for redevelopment; carry out clearance lmd/or the uses and objectives set forth -in this redevelopment to accomplish Plan. 2. There Are three properties identified for acquisition by the City at the present time. (Refer to Appendix C). Estimate of Costs The estimate of public costs associated with the tnx Increment financing in line item budget in Appendix E. redevelopment district are outlined the The amount of capitalized interest identified In the budget will be equal to from the date of Issue an amount sufficient to PAY Interest on the bonds the data of collection of sufficient tnx Increment revenue to meet until scheduled interest payments when due, but not exceeding 3 years As required I