Agenda Packets - 1988/02/22 - Laserfiche WebLink

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1. On the basis of the information presented to the Council at meetings of the regarding the establishment of Tax Increment District k2, creation at the public hearing and at other ovided the Financing Plan, the Council hereby finds and determ nesncil Financing regarding (a) that the establishment of Tax Increment District A2 within e Financing Plan are In the DistrictDevelopment safety and welfare of the to the be efitaof the health, public I terestt and City; (b) that the Tax Increment District is a redevelopment district as It has been defined In Minnesota Statutes, Section 469.174, Subd. 10. that 21 of the parcels in the district (70 percent) are occupied determined by buildings, streets, utilities or other improvements and that 20 percent of substandard to a the buildings, not Including outbuildings, are structurally degree requiring substantial renovation or clearance. The 21 structures on district have been the 30 parcels of land constituting the redevelopment the 21 buildings are deteriorated and Investigated by consultants. Four of clearance and another 6 (30%) structurally substandard to a degree requiring been found to require substantial renovation or clearance in order to have remove such existing conditions as: incompatible uses or land use overcrowding of buildings on the land, excessive dwelling unit relationships, density, obsolete buildings not suitable for Improvement or conversion, or and general well being of the other identified hazards to the health, safety financing district appears to meet the community. Thus, the tax increment requirements of a redevelopment district and will henceforth be The statutory referred to as a tax increment financing redevelopment d(strlct. as a redevelopment tax parcels that have been used to estab,ish eligiollity financing district are listed in the Tax Increment Financing Plan. increment The establishment of the Tax Increment District M2 will result in the new construction of miscellaneous commercial developments; (c) that the development proposed to be assisted as drLeribed in of the City, reasonably be the Financing Plan would not, in the opinion to within tte reasonably foreseeable future through private expected occur investment, and that therefore the use of tax increment financing for acquisition assistance is deemed necessary; (d) that the Tax increment Financing Plan conforms to the general plan for the development of the City as a whole; (e) that the Tax increment Financing Plan w111 a::ord maximum the the City teras a Whole for opportunity, consistent with the sound needs of the Development District by private enterprise. development of Z. 'That the Financing Fiat[ Much as.ab,.'l,.s..�..c_ �� the Tani lacrement District form on file with is Mreby pproved and adopted by the City in substantially the the City on this date. 3. The City Clerk -Administrator is authorized an directed Council as is required action on behalf of the City, subject to such approval by law, to implement the Tax increment District Financing Plan. 2