1997-12-22 - CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE STATE OF MINNESOTA RESOLUTION 97 -28 Exhibit A The reasons and facts supporting the findings for the adoption of the Tax Increment Financing Plan for Tax Increment Financing District No. 1 -5, ( "District No. 1 -5 ") as required pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 are as follows: 1. Finding that District No. 1 -5 is an "economic development district" as defined in Minnesota Statutes, Section 4691174, Subdivision 12. District No. 1 -5 is in the public interest because it will discourage commerce, industry, or manufacturing from moving their operations to another state or municipality, it will result in preservation and enhancement of the tax base of the state. 2. Finding that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and that increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. Due to the high cost of development on the parcel and the cost of financing the proposed improvements, this project is feasible only through assistance, in part, from tax increment financing. A comparative analysis of estimated market values both with and without establishment of Tax Increment Financing District No. 1 -5 and the use of tax increments has been performed as described above. If all development which is proposed to be assisted with tax increment were to occur in District No. 1 -5, the total increased marked value would be up to $846,400. It is the Council's finding that no development with a market value of greater than $690,831 would occur without tax increment assistance in this district within 11 years. This finding is based upon evidence from general past experience with the high cost of acquisition and site and public improvements in the general area of District No. 1 -5 (See Cashflow in Appendix C in the Tax Increment Financing Plan for District No. 1 -5). 3. Finding that District No. 1 -5 conforms to the general plan for the development or redevelopment of the municipality as a whole. The Plan was reviewed by the Planning Commission on August 5, 1997. The Planning Commission found that the Plan conforms to the general development plan of the City.