Agenda Packets - 1988/02/22 - Laserfiche WebLink

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Part 1 Development Proitram for Municipal Development District No. 3 A. Statement and Finding of Public Purpose The City Council (the "Council") of the City of Mounds View (the "City") determines that there is a need for development within the corporate limits of the City in the Municipal Development District Y3 tr provide employment opportunities, to Improve the tax base end to Improve the general economy of the State. it is found that the area , .chin the Municipal Development District N3 is potentially more useful and valuable than is being realized under existing development, is less productive than Is possible under this program and, therefore, is not contributing to the tax base to Its full potential. Therefcre, the City has determined to exercise Its authority to develop a program for improving Development District 93 of the City to provide Impetus for private development, to mainta,n and increase Pmployment, tn utilize existing potential and to provide other facilities as are outlined in the Development Program adopted by the City. The Council finds that the welfare of the City as well as the State of Minnesota requires active promotion, attraction, encouragement and i development of economically sound industry and commerce to carry out its stated public purpose objectives. B. Statutory Authority The Council determines that it is desirable and In the public interest to establish, develop and administer a Development Program for Development District No. 3 (the "Development District") in the City to Implement Its Development District Plan, pursuant to the provislons of Chapter 469.124 to 469.134, as amended, of Minnesota Statutes (the "Development District Act;;). Funding of the necessary activities and Improvements in the Development District shall be accomplished through tax increment financing in accordance with Minnesota Statutes, Sections 469.174 through 469.179, inclusive (the "Tax increment Act"), and through the use of industrial revenue bonds pursuant to the provisions of Chapter 469.152 to 469.165, as amended, of Minnesota Statutes (the "Municipal :ndus.,tal Development Act"). The City has designated a specific area within the corporate limits of the City as Development District No. 3 as authorized by Section 469.126 of the Development District Act. Within the Development District, the City plans to undertake tax increment financing pursuant to Section 469.174, Subd. 10(3) (Redevelopment District), of the Tax Increment Act.