2013-01-02 CC Packet - Laserfiche WebLink

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TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT) DISTRICT NO. 1 -7 ARTICLE II - DEVELOPMENT PROGRAM SECTION 2.01 OVERVIEW The City established Municipal Development District No. 1 and the related Development Program as a tool to achieve the objectives described in Section 2.02. Development District No. 1 was first approved September 29, 1987, and has been modified subsequently. The Development District serves as the "project area" for tax increment financing districts established within its boundaries. The Development Program describes the City's objectives for the development of this area and the use of tax increment financing. Current modifications to the Development Program include budget revisions to coincide with the Finance Plan relating to the TIF District. This Modified Development Program is intended to restate and expand on the original program and all prior amendments hereto, which are incorporated herein by reference. Nothing in this modification is intended to supersede or alter the activities described in the original Development Program. SECTION 2.02 STATEMENT OF OBJECTIVES The modifications of the Development District in the City pursuant to the Development District Act are necessary and in the best interests of the City and its residents and are necessary to give the City the ability to meet certain public purpose objectives that would not be obtainable in the foreseeable future without intervention by the City in the normal development process. The current Project is consistent with the established "Statement of Objectives" documented by the original Development Program. SECTION 2.03 BOUNDARIES OF DEVELOPMENT DISTRICT The boundaries of Development District No. 1 are coterminous with the boundaries of the City. Modifications to the Development Program do not change the geographic designation of Development District No. 1. The City is not acting to modify the boundaries. Within Development District No. 1, the City has previously established TIF Districts No. 1 through 6, inclusive. SECTION 2.04 DEVELOPMENT ACTIVITIES The proposed development activities within Municipal Development District No.1 will be consistent with the goals, objectives, and plans expressed by the Development Program. The current program relates to plans by the Developer to expand its existing manufacturing facility in the City. SECTION 2.05 PAYMENT OF PUBLIC COSTS Public Costs and the plan for their payment have been described in detail by each Tax Increment Financing Plan authorized by the City, which are incorporated herein by reference. The City now anticipates additional public costs to be financed in part with tax increments expected to be generated by new development within TIF District No. 7. Estimated costs and related data for such efforts are set forth in the TIF Plan for the District. The TIF Plan for the District accompanies these modifications to the Development program. ADOPTED (J - 112) 2