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

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The City has also determined that the proposed deveIopment or redevelpprnent would not occur salely through private investment in the foreseeable future; that the Taac Iz►crement Financing Plans proposed herein a�re consistent with the Daveloprnent Program; and �hat the Tax Increment Financing Plans will afford ma�cimum opportunity consistent with the sound needs of the municipality a,s a whole for the development or redevelopment of Development District No. 1 by private enterprise. The City fnds that the welfa�re of the City as well as the State of Minnesota requires active promotion, attractipn, encouragement anc� de�elopment of economically sound housing, industry and commiezce to carry out its stated public purpose objectives. Section 13. Statutory Authoritv. The City has determined that is desirable and in the _public interesi to designate a specific area within the corporate limits of the City as Development District No. 1 and ta establish, de�elop and impienrient a Development Program pursuant to the provisions of Minnesota Statutes, Section 469.124 through 469.134, inclusive, as amended and suppler�ented froan tizne ta time, (the "Developrr►ent District Act"). Funding of the necessary activities and impro�ements sn Development Dzstrict No. 1 shall be accomplished tt�rough � increment financing in accordance wi#h Minnesota 5tatutes, Sections 469. i 74 through 459.179, inclusive, as amended az�d supplemented from tinne to time, {the "Tax Increment Financing Act"}. The City has designated a specific area within the corporate limits of the City as Develop�nent District No. 1 as authorized by Minnesota Statu�es, Sections 469,124 through �59.134, inclusi�e, as amended and supplexnented from tirne to time. Within Development District Na. 1, the City plans to undertake one (1) Redevelopment District and one (1} Economic District as types of Tax Increment Financing Districts established pursuant to Minnesota Stai�tes, Section 469174, �ubdivisions 10, 12. Section 1.4. Statement af Oblectives. The City has determined that the establishment of Develqpment District No. 1 will provide the City with the ability to achie�e certain public purpose goals not otherwise obtainable in the foreseeable future wi#hout City intervention in the noz�mal de�elopment or redevelopment process. The public purpase goals include: restoration and improvement of the tax base and tax revenue generating capacity of Development District No. 1; increased employment opporEunities; realizatio� of comprehensi�e pianning goals; removal of biighted conditions; revitalization of the property within DeveIopment District Na. i to create an attractive, comfortable, convenient, and efficient area far housing, indus�rial, commercial, and relaCed uses. The Counczl seeks to achieve the following Development Program objectives: 1, Protnote and secuz-e the prampt development ar rede�elopment of certain property in Development District No. 1, which property is not now in productive use or in its highest and best use, in a manner consistent with the City's Comprehensi�e P�an and with a mini�num ad�erse im�act an the environment, and thereby promote and secure tk�e developmen� of other iand in the City. 2. Promote and secure additional ampioyment opportunities within Develop�nent District No. 1 and the City for residents of the City and th.e surrounding area, thereby improving iiving standards, reducing unemploymen# and the loss of skilled and unskilled iabor and other huma� resources in the City. 3. Secure the increase of property subject to taxation by ihe City, the School Districf, the County, and other taxing jurisdictions in order to better enable such entities to pay for governmental services and programs required to be provided by them. 4. Provide for the financing and construction of public improvernents in and adjacent to