2006-12-27 CC Packet - Laserfiche WebLink

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WHEREAS; the redevelopment of the Development Property, as provided herein would not be economically feasible "but-for" the discounted purchase price of the land to be bought by Developer and the public improvements that will be financed by the City; WHEREAS, the City believes that the redevelopment of the Development Project are in the vital and best interests of the City and the health, safety, morals and welfare of its residents, and in accord with the public purposes and provisions of applicable federal, state and local laws; WHEREAS, pursuant to Minnesota Statutes, the City will form "Project 1-Bl-2," Project 1-B7, Project 1-B8, Project 1-B9, Project 2-B4, Project 2-B5, Project 2-BE-W, Project 3.-B6,Project 3-B10 and Project 4-B3 (collectively hereinafter referred as the "Development Project"); WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.179 as amended (hereinafter, the "Tax Increment Act") the City will create Tax Increment Financing District I-Bl-2 ("Tax Increment District 1-Bl-2"), and will adopt a tax increment financing plan (the "Tax Increment District 1-Bl-2 Plan"); WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.179 as amended (hereinafter, the "Tax Increment Act") the City will create Tax Increment Financing District I-B7 ("Tax Increment District 1-B7"), and will adopt a tax increment financing plan (the "Tax Increment District 1-B7 Plan"); WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.179 as amended (hereinafter, the "Tax Increment Act") the City will create Tax Increment Financing District 1-B8 ("Tax Increment District 1-B8"), and will adopt a tax increment financing plan (the "Tax Increment District 1-B8 Plan"); WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.179 as amended (hereinafter, the "Tax Increment Act") the City will create Tax Increment Financing District 1-B9 ("Tax Increment District 1-B9"), and will adopt a tax increment financing plan (the "Tax Increment District 1-B9 Plan"); WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.179 as amended (hereinafter, the "Tax Increment Act") the City will create Tax Increment Financing District 2-B4 ("Tax Increment District 2-B4"), and will adopt a tax increment financing plan (the "Tax Increment District 2-B4 Plan"); WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.179 as amended (hereinafter, the "Tax Increment Act") the City will create Tax Increment Financing District 2-B5 ("Tax Increment District 2-B5"), and will adopt a tax increment financing plan (the "Tax Increment District 2-B5 Plan"); WHEREAS, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.179 as amended (hereinafter, the "Tax Increment Act") the City will create Tax Increment 2 )59