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12-16-19-SR
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12-16-19-SR
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<br /> <br /> <br /> <br />development and redevelopment, to maintain and increase employment, to utilize existing <br />potential and to provide other facilities as are outlined in Section 1.4. of the Development Program. <br /> <br />The City has also determined that the proposed development or redevelopment would not occur <br />solely through private investment in the foreseeable future; that the Tax Increment Financing <br />Plans proposed herein are consistent with the Development Program; and that the Tax Increment <br />Financing Plans will afford maximum opportunity consistent with the sound needs of the <br />municipality as a whole for the development or redevelopment of Development District No. 1 by <br />private enterprise. <br /> <br />The City finds that the welfare of the City as well as the State of Minnesota requires active <br />promotion, attraction, encouragement and development of economically sound housing, industry <br />and commerce to carry out its stated public purpose objectives. <br /> <br />(AS MODIFIED DECEMBER 16, 2019) <br /> <br />The City acknowledges that School District No. 623 is also located within Development <br />District No. 1. <br /> <br />Section 1.3. Statutory Authority. <br />The City has determined that is desirable and in the public interest to designate a specific area <br />within the corporate limits of the City as Development District No. 1 and to establish, develop and <br />implement a Development Program pursuant to the provisions of Minnesota Statutes, Section <br />469.124 through 469.134, inclusive, as amended and supplemented from time to time, (the <br />"Development District Act"). <br /> <br />Funding of the necessary activities and improvements in Development District No. 1 shall be <br />accomplished through tax increment financing in accordance with Minnesota Statutes, Sections <br />469.174 through 469.179, inclusive, as amended and supplemented from time to time, (the "Tax <br />Increment Financing Act"). <br /> <br />The City has designated a specific area within the corporate limits of the City as Development <br />District No. 1 as authorized by Minnesota Statutes, Sections 469.124 through 469.134, inclusive, <br />as amended and supplemented from time to time. Within Development District No. 1, the City <br />plans to undertake one (1) Redevelopment District and one (1) Economic District as types of Tax <br />Increment Financing Districts established pursuant to Minnesota Statutes, Section 469.174, <br />Subdivisions 10, 12. <br /> <br />(AS MODIFIED DECEMBER 16, 2019) <br /> <br />The City established Development District No. 1 pursuant to the Municipal Development <br />District Act. It is authorized that the City will administer the Development District and any <br />tax increment financing districts. <br /> <br />Within Development District No. 1, the City plans to create one or more tax increment <br />financing districts established pursuant to the Tax Increment Act to finance the public <br />improvements proposed for Development District No. 1. The public improvements may be <br />initially financed from other City sources, including, but not limited to the use of <br />improvement bonds issued pursuant to Minnesota Statutes, Chapter 429, which sources <br />the City may reimburse from tax increment proceeds derived from tax increment districts <br />to be created within Development District No. 1. <br /> <br />The tax increment district or districts will be created at such time as will enable the City to <br />capture the increase in taxable value of private improvements to be constructed within
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