2007.04.16 RESO 2007-0017 - Laserfiche WebLink

Home

v RESOLUTION 2007-17 RESOLUTION ESTABLISHING TAX INCREMENT FINANCING (REDEVELOPMENT) DISTRICT NO. 1-2 WITHIN DEVELOPMENT DISTRICT NO.1 AND APPROVING THE TAX INCREMENT FINANCING PLAN THEREFOR A. WHEREAS, there is a proposal to establish Tax Increment Financing (Redevelopment) District No. 1-2 ("TIF District No. 1-2") and approve and accept the proposed Tax Increment Financing Plan for TIF District No. 1-2 under the provisions of Minnesota Statutes, Sections 469.174 to 469.1799 (the "Act"); and B. WHEREAS, the proposed Tax Increment Financing Plan for TIF District No. 1-2 (the "TIF Plan") has been prepared; and C. WHEREAS, the City of Hugo, Minnesota (the "City") has performed all actions required by law to be performed prior to the approval of the Plan, and including, but not limited to, notification of Washington County and Independent School District No. 624, and the holding of a public hearing upon published and mailed notice as required by law; and NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Hugo, Minnesota as follows: 1. TIF District No. 1-2. TIF District No. 1-2 is hereby established in the City within Development District No. 1 as a tax increment financing district, the initial boundaries of which are fixed and determined as described in the TIF Plan. 2. Tax Increment Financing Plan. The TIF Plan is adopted as the tax increment financing plan for TIF District No. 1-2, and the City Council makes the following findings: (a) TIF District No. 1-2 is a redevelopment district as defined in Minnesota Statutes, Section 469.174, Subd. 10, the specific basis for such determination is that at least 70% of the area in TIF District No. 1-2 is occupied by buildings, streets, utilities, paved or gravel parking lots or other similar structures and more than 50% of the buildings in TIF District No. 1- 2 are structurally substandard to a degree requiring substantial renovation or clearance as set forth in the inspection and coverage reports of the City Building Inspectors (the "Reports"). The City Council has had an opportunity to review the findings in the Reports regarding the condition of buildings, streets, utilities, parking lots, etc. and hereby ratifies the findings made therein. (b) The proposed redevelopment in the opinion of the City Council, would not occur solely through private investment within the reasonably foreseeable future. The reasons supporting this finding are that: I M7640 (i) Based in part upon discussions with potential developers, as well as the particular challenges and costs of redeveloping the subject site, private investment will not finance these development activities because of prohibitive costs. It is necessary to finance these development activities through the use of tax increment financing so that other development by private enterprise will occur within Development District No. 1.