Agenda Packets - 1988/02/22 - Laserfiche WebLink

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r NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OY THE CITY OF MOUNDS VIEW, MINNESOTA, as follows: 1. On the basis of the information presented to the Council at meetings regarding designation of the Development District, establishment of the Tax Increment District, creation of the Development Program and Financing Plan, information included in the Development Program and Financing Plan, information provided at the public hearing and at other Council meetings regarding the Development District and the Development Program and Financing Plan, the Council hereby finds and determines: (a) that the designation of the Development District #3 and establishment of the Tax increment District 13 within the Development District and the adoption of the Development Program and Financing Plan are in the public interest and to the benefit of the health, safety and welfare of the City; (b) that no parcel shall be included within a redevelopment district pursuant to this paragraph unless the City has concluded an agreement for the development of at least 50 percent of the acreage having the unusual soil or terrain deficiencies, which agreement provides recourse for the City should the development not be completed; (c) that the Tax Increment District is a redevelopment district as defined in Minnesota Statutes, Section 469.174, Subd. 10(3). It has been determined that less than 70 percent of the parcels in the district are oczupied by buildings, streets, utilities or other Improvements, but due to unusual terrain or soil aeficiencles requiring substantial filling, grading or other physical preparation for use at least 80 percent of the total acreage of such land has a fair market 'value upon inclusion in the redevelopment district which, when added to the es.:mated cost of preparing that land for development, excluding costs directly related to roads and local improvements, if any, exceeds its anticipated fair market value after completion of the preparation. 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 redevelopment district. The parcels that lave been used to establish eligibility as a redevelopment tax increment financing district are listed in the Tax Increment Financing Plan. The establishment of the Tax Increment District will result In new construction of miscellaneous industrial developments; (d) that the development proposed to be assisted as described in the Financing Plan would not, in the opinion of the City, reasonably be expected to occur within the reasonably foreseeable future through private Investment, and that therefore the use of tax increment financing for soil correction is deemed necessary; (a) that the Development Program and Financing Plan conform to the general plan for the development of the City as a whole;