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<br />. 2.01. The Council hereby determines and declares that there is a need for new <br /> development in that part of the City comprising the District to provide employment opportunities, <br /> to improve the tax base and to improve the general economy of the state. The Development <br /> Program proposes that the City pay for the costs of the acquisition of certain property and the <br /> construction and installation of certain site and utility improvements to encourage the construction <br /> of a low and moderate income rental housing project in the District. The Council hereby fmds that <br /> the proposed Development Program would improve the Development District by encouraging <br /> private development of property therein, thereby increasing employment opportunities and the tax <br /> base of the City and overlapping taxing jurisdictions. It is in the best interests of the City to adopt <br /> the Development Program. <br /> 2.02. Upon review of the Development Program, the information elicited from the <br /> planning agency and at the public hearing, and on the basis of the findings made in Section 2.01, <br /> this Council hereby adopts the Development Program and orders that the Development Program be <br /> placed on file in the office of the City Clerk. <br /> Section 3. A1;Jproval of Tax Increment Financin2' Plan for the District. On the basis of <br /> the Plan and the information elicited at the public hearing referred to in Section 1.03, it is hereby <br /> found, determined and declared: <br /> 3.01. The Plan provides the means to finance certain capital and administrative costs of <br /> the Development District, including the acquisition and improvement of the property located in the <br /> District. The Plan contains a statement of objectives for the improvement of the Development <br /> District, a statement as to the development program for the District and a statement of the property <br /> within the Development District which the City intends to acquire. The Plan also estimates the <br /> capital and administrative costs of the Development District, including the amount of administration <br />. expenses, the amount of bonded indebtedness to be incurred, the sources of revenues to finance or <br /> otherwise pay public costs of the District, the most recent net tax capacity of taxable real property <br /> within the District, the captured net tax capacity of the District at completion and the duration of the <br /> District. The Plan also describes and identifies the development activities to be undertaken or <br /> expected to be undertaken in the District. The Plan further contains an estimate of the impact of the <br /> proposed tax increment financing on the net tax capacities of all taxing jurisdictions in which the <br /> District is located. All the captured tax capacity is necessary for the objectives of the District. <br /> 3.02. This Council hereby finds that the District is a geographic area within a "project" <br /> as defmed in Minnesota Statutes, Section 469.174, Subdivision 8, and is a proper tax increment <br /> financing district within the meaning of Section 469.174, Subdivision 9. The Council further <br /> fmds that the establishment of the District is in the public interest because the project to be <br /> undertaken therein is intended for occupancy, in part, by persons or families of low and moderate <br /> income, as defined in federal housing statutes, and no part of the project consists of commercial or <br /> other uses. Therefore, the District qualifies as a "housing district" within the meaning of <br /> Minnesota Statutes, Section 469.174, Subdivision 11. The income limitations of Section <br /> 469.1761 of the Act are applicable to tenants in the project, because the District is not located in a <br /> targeted area as defined in Minnesota Statutes, Section 462C.02, Subdivision 9, clause (e). <br /> 3.03. This Council hereby finds that the proposed low and moderate income rental <br /> housing project to be encouraged pursuant to the Development Program would not, in the opinion <br /> of this Council, occur solely through private investment within the reasonably foreseeable future <br /> and that therefore the use of tax increment financing is deemed necessary. No developer has <br />. -3- <br /> ..-- <br />