1996.08.19 RESO 1996-0006 - Laserfiche WebLink

Home

f the projected tax increments for the maximum duration of Tax Increment Financing District No. 1-1 permitted by the Tax Increment Financing Plan. The reasons supporting this finding are that: (i) 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. (ii) A comparative analysis of estimated market values both with and without establishment of Tax Increment Financing District No. 1-1 and the use of tax increments has been performed as described above. Such analysis is contained in Appendix C of the Tax Increment Financing Plan, and indicates that the increase in estimated market value of the proposed development (less the indicated subtractions) exceeds the estimated market value of the site absent the establishment of Tax Increment Financing District No. 1-1 and the use of tax increments. (c) The Tax Increment Financing Plan for Tax Increment Financing District No. 1-1 conforms to the general plan for development or redevelopment of the City of Hugo as a whole. The reasons for supporting this finding are that: (i) Tax Increment Financing District No. 1-1 was reviewed by the Planning Commission on July 30, 1996 and was found to be in compliance with the City's comprehensive plan; and (ii) The tax increment financing plan will generally compliment and serve to implement policies adopted in the City's comprehensive plan. (d) The Tax Increment Financing Plan will afford maximum opportunity, consistent with the sound needs of the City of Hugo as a whole, for the development or redevelopment of Tax Increment Financing District No. 1-1 by private enterprise. 329101.1 The reasons supporting this finding are that: The development activities are necessary so that development and redevelopment by private 3