CC PACKET 11121996 - Laserfiche WebLink

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Commissioners of the HRA and the City pursuant to Minnesota Statutes, Chapter • 469.029, subdivision 6, and Minnesota Statutes, Section 469.175, subdivision 4. H. STATEMENT OF NEED AND OBJECTIVES The inclusion of the Additional Property in the Redevelopment Plans will aid in the redevelopment of the Additional Property in a manner beneficial to the residents of the City and consistent with the objectives of the HRA as stated in Redevelopment Plans and which will meet the needs specified in Redevelopment Plans. III. ADDITIONAL EXPENDITURE OF TAX INCREMENT Additional expenditures of tax increment authorized by this 1996 Amendment to the Master Modification of the Redevelopment Plans and Tax Increment Financing Plans include costs associated with acquisition and rehabilitation and other public redevelopment costs associated with redevelopment activities related to the areas subject to the Redevelopment Plans. At this time the HRA has not specifically identified any property to be acquired by the HRA but the HRA reserves the right to acquire any property if it determines that such acquisition is desirable in connection with the redevelopment of such property. In addition, in connection with any redevelopment of the property the HRA may become a limited partner in the owner of the property if it deems it desirable. The additional new expenditures of tax increment authorized hereby with respect to the development or redevelopment of certain property subject to the Redevelopment Plans are as follows: Expenditure Property/Activity Authorized Redevelopment of vacant property between Industrial Custom Products and Amoco Station on 37th Avenue North $ 233,000 Bridge work along Silver Lake Road between 37th Avenue NE and Silver Lane 100,000 Streetscape within City 250.000 $ 583,000 In addition, the amount of additional expenditures for certain items set forth in Article III of the Master Modification are amended as follows: • -2-