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<br />..... <br /> <br />. <br /> <br />CITY OF CENTERVILLE <br />STATE OF MINNESOTA <br />RESOLUTION 97-28 <br />Exhibit A <br /> <br />The reasons and facts supporting the findings for the adoption of the Tax Increment <br />Financing Plan for Tax Increment Financing District No. 1-5, ("District No. 1-5") as <br />required pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 are as follows: <br /> <br />1. Finding that District No. 1-5 is an "economic development district" as defined in <br />Minnesota Statutes, Section 469/174, Subdivision 12. <br /> <br />District No. 1-5 is in the public interest because it will discourage commerce, industry, or <br />manufacturing from moving their operations to another state or municipality; it will result <br />in preservation and enhancement of the tax base of the state. <br /> <br />2. Finding that the proposed development, in the opinion of the Council, would not occur <br />solely through private investment within the reasonably foreseeable future and that <br />increased market value of the site that could reasonably be expected to occur without the <br />use of tax increment financing would be less than the increase in the market value <br />estimated to result from the proposed development after subtracting the present value of <br />the projected tax increments for the maximum duration of the district permitted by the <br />plan. <br /> <br />Due to the high cost of development on the parcel and the cost of financing the proposed <br />improvements, this project is feasible only through assistance, in part, from tax increment <br />financing. <br /> <br />A comparative analysis of estimated market values both with and without establishment of <br />Tax Increment Financing District No. 1-5 and the use of tax increments has been <br />performed as described above. If all development which is proposed to be assisted with <br />tax increment were to occur in District No. 1-5, the total increased marked value would be <br />up to $846,400. It is the Council's finding that no development with a market value of <br />greater than $690,831 would occur without tax increment assistance in this district within <br />11 years. This finding is based upon evidence from general past experience with the high <br />cost of acquisition and site and public improvements in the general area of District No. 1-5 <br />(See Cashflow in Appendix C in the Tax Increment Financing Plan for District No. 1-5). <br /> <br />3. Finding that District No. 1-5 conforms to the general plan for the development or <br />redevelopment of the municipality as a whole. <br /> <br />The Plan was reviewed by the Planning Commission on August 5, 1997. The Planning <br />Commission found that the Plan conforms to the general development plan of the City. <br />
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