6B, Public Hearing Proposed TIF District Resolution 2010-081, -082 & -083

Home Browse Search

Section 2. Findin s for the Ado tion and A roval aithe Develo ment Pro azn Modification. 2.Q1. The Council approves the Development Program Modification, and specificaliy fnds that: (a) the land within #he Project area as expanded wauld not be available for redevelopment without the financial aid to be sought under tl�is Development Program; (b) the Development �rogram, as modified, wiil afford maximum opportunity, consisteni with the needs of the City as a whole, for the development of the Project by pri�ate enterprise; and (c) that the Development Progratx�, as modified, conforms to the generai plan for the d�veIoprnent of the City as a whole. Section 3. Findin s�ar fhe Establishment of Tax Increment Financin District No. 4 3.Q1. The Council hereby finds that the District is in the public interest and is a"renewal and reno�ation district" under Minnesota Statutes, Section 469.174, Subd. l0a of the Act. 3.02. The Councit further finds that the proposed redevelopment would not occur solely through private investment within the reasonably fareseeable future and that the incxeased market value of t�e site th.at could reasonably be expected to occur withou� the use of tax increment �inancing would be less than the increase in the market �value estimated to result from the proposed development after subiracting the present value of the projected tax in.crements for the m�imurr� duration of the Dis�rict permitted by ihe TIF Plan, that the Prograzn and Plan con%rm to the general plan for the development or redevelopment of the City as a whale; and that the Program and Plan will afford m�imum op�ortunity, cansistent with the sound needs oi the City as a whole, for tk�e development or redevelopment of Developme�t District Na. 1 by private entexprise. 3.03. The Cauncil further fmds, dec[ares and detenmines that the City �nade the above findings stated in this Section and has set forth the reasons and supporting facts far each deierminatian in writing, attached hereto as Exhibit A. 3.04. The City e�ects to calculate fiscal disparities for the District in accordance with Saction 469.177, Subd. 3, paragraph b oithe Act, which means the fiscal dispari�ies contribution would be taken from inside the District. Section 4. Public Pu�ose 4.01. The adaption of the Program and Plan conforms in all respects to the requirements oi the Act and will help fu1fill a need to develop an area of the City which is already built up, to provide employment opportunities, to improve the tax base and to iznprove the general economy oithe State and thereby serves a public purpose. For the reasons described in Ex,�ibit A, the City believes these bene�ts directly derive fro�tn the tax increment assistance provided under the TIF Pian. A priva�e developer will receiv� only the assistance needed to make this developmen� fi�tancially feasible. As such, any private benefits received by a developer are incidental and da not outweigh the prirnary public benefits. Section 5. A roval and Ado tion of the Pro am a�d Plan 5 A i. The Pragram and Plan, as presented to the Council on this date, including without limitation �he findings and statcmez�ts of objectives contained therein, are hereby approved, ratified, established, and adopted an.d shali be placed on file in the affice of the City Administrator. 5.02. The staff of the City, the City's advisors and legal counsel axe authorized and directed to proceed with the implemen.tation of the Program and Pian and �a negotiate, draft, prepare arld present to this Council for its consideration all furtner plans, resolutions, documents and contracts necessary for this