RES 21-025 ADOPTING A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR REDEVELOPMENT PROJECT AREA NO 3 AND ESTABLISHING THE LOWRY GROVE TIF DISTRICT AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR

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1.05. The City is not modifying the boundaries of the Project Area, but is however, modifying the Development Program therefor. 1.06. Pursuant to a resolution adopted on March 23, 2021, the Authority approved the Program and Plan and recommended that the City approve the Program and Plan. Section 2. Findings for the Adoption and Approval of the Development Program Modification 2.01. The Council approves the Development Program Modification, and specifically finds that: (a) the land within the Project area would not be available for redevelopment without the financial aid to be sought under the Development Program; (b) the Development Program, as modified, will afford maximum opportunity, consistent with the needs of the City as a whole, for the development of the Project by private enterprise; and (c) that the Development Program, as modified, conforms to the general plan for the development of the City as a whole. Section 3. Findings for the Establishment of Lowry Grove TIF District 3.01. The Council hereby finds that the District is in the public interest and is a "redevelopment district' under Minnesota Statutes, Section 469.174, Subd. 10 of the Act. 3.02. The Council further finds that the proposed development would not occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the District permitted by the Tax Increment Financing Plan, that the Program and Plan conform to the general plan for the development or redevelopment of the City as a whole; and that the Program and Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the redevelopment or development of the District by private enterprise. 3.03. The Council further finds, declares and determines that the City made the above findings stated in this Section and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A (and also included in the TIF Plan). Section 4. Public Purpose. 4.01. The adoption of the Program and Plan conforms in all respects to the requirements of the Act and will result in increased employment in the City and the State of Minnesota, will result in preservation and enhancement of the tax base of the State, and will result in the redevelopment of substandard properties and thereby serves a public purpose. For the reasons described in Exhibit A, the City believes these benefits directly derive from the tax increment assistance provided under the TIF Plan. A private developer will receive only the assistance needed to make the development financially feasible. As such, any private benefits received by a developer are incidental and do not outweigh the primary public benefits. 4831-3967-3825\1