Agenda Packets - 1988/02/22 - Laserfiche WebLink

Home Browse Search

(f) that the Development Program and Financing Plan will afford 1 maximum opportunity, consistent with the sound needs of the City as a whole for the development of the Development District by private enterprise. 2. The Development Program which designates the Development District and the Financing Plan which establishes the Tax increment District are hereby approved and adopted by the City in substantially the form on file with the City on this date. 3. The City Clerk -Administrator is authorized and directed to take all action on behalf of the City, subject to such approval of :his Council as is required by law, to implem.:..t Development District #3, Tax increment District 43, Development Program, and Financing Plan. 4. The City Clerk -Administrator is hereby authorized and directed to file a copy of the Financing Plan for the Tax Increment District #3 with the Minnesota Commissioner of Trade and Economic Development, together with a copy of the Development Program for the Deve!opment District. 5. Following approval of the Financing Plan by the City, the City Clerk - Administrator Is authorized and directed to request the County Auditor of Ramsey County to certify the original assessed value of the real property within the Tax Increment District, as described in the Financing Plan, and to certify in each year hereafter the amount by which the assessed value has increased or decreased from the original assessed value of the District, and to remit to the City each year, G commencing on the date indicated in the Financing Plan, that portion of all taxes paid in that year on real property in the District which the captured assessed value bears to the then -current assessed value, all pursuant to Minnesota Statutes, Section 469.177. 6. Following approval of the Financing Plan by the City, the City Clerk - Administrator, together with the City's financial advisor, legal counsel and bond counsel, Is authorized and directed to proceed with the implementation of the Development Program and Financing Plan, and for this purpose to negotiate, draft, prepare and present to this Council for Its consideration all resolutions, documents and contracts necessary for this purpose. Adopted this 22nd day of February, 1988. Mayor ATTESTED: City Clerk -Administrator (SEAL)