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the City Planning Commission of the proposed Development Program <br />for Development District No. 1, and the holding of a public <br />hearing upon published and mailed notice as required by law. <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of <br />the City of Hugo as follows: <br />1. Development District No. 1. There is hereby <br />established in the City of Hugo Development District No. 1, the <br />initial boundaries of which are fixed and determined as described <br />in the Development Program. <br />2. Development Program. The development program for <br />Development District No. 1, a copy of which is on file in the <br />office of the City Administrator, is adopted as the Development <br />Program for Development District No. 1. <br />3. Tax Increment Financing District No. 1-1. There <br />is established in the City of Hugo within Development District <br />No. 1 a tax increment financing district, the initial boundaries <br />of which are fixed and determined as described in the Tax <br />Increment Financing Plan. <br />4. Tax Increment Financing Plan. The Tax Increment <br />Financing Plan is adopted as the tax increment financing plan for <br />Tax Increment Financing District No. 1-1, and the City Council <br />makes the following findings: <br />(a) Tax Increment Financing District No. 1-1 is a <br />redevelopment district as defined in Minnesota Statutes, Section <br />469.174, Subd. 10(a)(1) and (2) and consists of thirty-four (34) <br />parcels. Four (4) parcels qualify under Minnesota Statutes, <br />Section 469.174, Subd. 10(a)(1), the specific basis for such <br />determination being that ... parcels consisting of 70t of the area <br />of the district are occupied by buildings, streets, utilities or <br />other improvements and more than 50t of the buildings, not <br />including outbuildings, are structurally substandard to a degree <br />requiring substantial renovation or clearance. Thirty (30) <br />parcels qualify under Minnesota Statutes, Section 469.174, Subd. <br />10(a)(2), the specific basis for such determination being <br />that ... the property consists of vacant, unused, underused, <br />inappropriately used, or infrequently used railyards, rail <br />storage facilities, or excessive or vacated railroad right-of- <br />way. The information used in making these findings is on file <br />with the City. <br />(b) The proposed redevelopment in the opinion of the <br />City Council, would not occur solely through private investment <br />within the reasonably foreseeable future and that the increased <br />market value of the site that could reasonably be expected to <br />occur without the use of tax increment financing would be less <br />than the increase in the market value estimated to result from <br />the proposed development after subtracting the present value of <br />329101.1 2 <br />