12-16-19-SR - Laserfiche WebLink

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2 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Arden Hills follows: 1. Development District. The City is modifying the boundaries of the Development District to be coterminous with the corporate boundaries of the City. 2. Development Program Modification. The Modification to the Development Program for Development District No. 1, a copy of which is on file in the office of the City Administrator, is adopted. 3. Tax Increment Financing District No. 5: TCAAP. There is hereby established in the City within the Project Area and the Development District, Tax Increment District No. 5: TCAAP, a redevelopment tax increment financing district, the initial boundaries of which are fixed and determined as described in the TIF Plan. 4. Tax Increment Financing Plan. The TIF Plan is adopted as the tax increment financing plan for the TIF District, and the City Council makes the following findings: (a) The TIF District is a redevelopment district as defined in Minnesota Statutes, Section 469.174, Subd. 10, and in accordance with the Special Law, the TIF District is a redevelopment district and deemed to meet all the requirements of Minnesota Statutes, Section 469.174, Subd. 10, the specific basis for such determination is set forth in Appendix C of the TIF Plan. (b) The proposed development, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future. The reasons for such determination are set forth in Appendix C of the TIF Plan. (c) The TIF Plan for the TIF District conforms to the general plan for development or redevelopment of the City as a whole. The reasons for supporting this finding are set forth in Appendix C of the TIF Plan. (d) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the Development District by private enterprise. The reasons supporting this finding are set forth in Appendix C of the TIF Plan. (e) Appendix C of the TIF Plan is incorporated herein by reference. 5. Public Purpose. The adoption of the TIF Plan for the TIF District within the Development District conforms in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State which is already built up to provide employment opportunities and provide safe, decent, sanitary housing for residents of the City, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. 6. Certification. The Auditor of Ramsey County is requested to certify the original net tax capacity of the TIF District as described in TIF Plan, and to certify in each year thereafter