Agenda Packets - 1986/10/06 - Laserfiche WebLink

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Similarly, the city council may utilize the annual disclosure report as a means for requesting Information from the Office of the County Auditor. AML Additionally, the city must annually publish a statement In a newspaper of general circulation In the municipality showing the tax incremet.. received and expended In that year, the original assessed value, the captured assessed value, amount of outstanding bonded Indebtedness and any additional information the city deems necessary. Assumptions it was necessary to make certain assumptions regarding income, costs and timing of the tax increment redevelopment district. These assumption are based on discussions with city and county staff and city planning consultants. Z. Municipal Findings Pursuant to Minnesota Statutes, Section 273.74, Subdivision 3, before or at the time of approval of the tax Increment financing plan, the municipality shall make the following findings and shall set forth in writing the reasons end supporting facts for each determination: 1. The proposed development or redevelopment, in the opinion of the city, would lot reasonably be expected to occur solely through private Investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary since the developers could not construct and operate the redevelopment project without the necessary public Improvements to service the sites and without the use of tax Increments to assist with the financing of the public Improvements, the developers would not have constructed these developments in the City; and 2. The tax Increment financing plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development by private enterprise as it will enable the City to provide the necessary public improvements to service the Redevelopment sites; thereby encouraging redevelopment in the .aren. 3. The tax Increment financing plan conforms to the general plan for the development of the city as a whole as it will result IP the construction of a commercial/industrial development Including an office/service facility, warehouse and restaurant, thereby encouraging other new commerclal facilities and retention of business in the city. 4. The tax increment district to be established is a redevelopment district pursuant to Minnesota Statutes, Section 273.73, Subdivision 10 In which the conditions describPart 11, Section 6, of this plan exist. N 14