2007.03.19 EDA Packet - Laserfiche WebLink

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City of Hugo, Minnesota enterprise alone,the City believes it to be in the public interest to consider the exercise of its powers, to advance and spend public money,and to provide the means and impetus for such redevelopment. The City finds that in certain cases property within the Project Area would or may not be available for redevelopment without the specific financial aid to be sought, that the Development Program will afford maximum opportunity, consistent with the needs of the City as a whole, for the development of the Project Area by private enterprise, and that the Development Program conforms to the general plan for the development of the City as a whole. Section D Statement of Objectives The City seeks to achieve one or more of the following objectives with respect to the Project Area, as the City may deem appropriate and necessary. (1) To promote and secure the prompt development and redevelopmentof property within the Project Area, such property which is not now in its most productive use, in a manner consistent with the Comprehensive Plan of the City,thus realizing Comprehensive Plan,landuse,and tax base goals. (2) To assist development in the Project Area through the acquisition or write-down of.certain interests in property which is not now in productive use or in its highest,and best use, to make or defray the cost of soil corrections or site improvements'on said property to clear the property of blighted buildings, and to construct or reimburse for the construction of public improvements and other facilities on or for the benefit of said property, thereby promoting and securing the development of other land within the Project Area: (3) To retain local jobs and/or increase the number and diversity of jobs that offer stable employment and/or attractive wages and benefits. (4) To provide funding for an ongoing development strategy and to prioritize the use of available resources. (5) To implement and revise from time to time, as may be deemed necessary or desirable, a consolidated and unified Development Program and to finance the associated development costs on an area-wide basis. (6) To employ any of the powers of the City for the benefit of the Project Area in such cases and upon such terms as the City may deem appropriate. (7) To construct or acquire facilities deemed desirable for the development of the Project Area. (8) T,o encourage additional unsubsidized private development in the area, either directly or indirectly through"spin off"development. (9) To facilitate the development process and to achieve development on sites which would not otherwise be developed but/for the use of Tax Increment Financing. District No. 1-2 is a redevelopment district with 1 contiguous site. The total district consists of 125 parcels of land and adjacent and internal rights-of-way. District No. 1-2 is created to facilitate achieving the objectives set forth in the Development Program for Development District No. 1.The objectives expected to be achieved through the use of tax increment financing include, but are not limited to, removal of barriers to development, redevelopment, creation of jobs,creation of life cycle housing, and expansion of the tax base. SPRINGSTED Page 2