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1997 Resolutions
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1997 Resolutions
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<br />.... <br /> <br />. <br /> <br />Council, the effect of such actions will be, to provide an impetus for development in the public <br />purpose and accomplish certain objectives as specified in the Plan, which is hereby incorporated <br />herein. <br /> <br />Section 3. <br /> <br />Findings for the Establishment of Tax Increment Financina District Nol 1-5. <br /> <br />3.01. The Council hereby finds that Tax Increment Financing District No. 1-5 is in the <br />public interest and is an "economic development district" under Minnesota Statutes, Section <br />469.174, subd. 12. <br /> <br />3.02 The Council further finds that the proposed development would not occur solely <br />through private investment within the reasonably foreseeable future and that the increased market <br />value on the site that could reasonably be expected to occur without the use of tax increment <br />financing would be less than the increase in the market value estimated to result from the <br />proposed development after subtracting the present value of the projected tax increment for the <br />maximum duration of District No. 1-5 permitted by the Tax Increment Financing Plan, that the <br />Plan conforms to the general plan for the development or redevelopment of the City as a whole~ <br />and that the Plan will afford maximum opportunity consistent with the sound needs of the City as <br />whole, for the development of District No. 1-5 by private enterprise. <br /> <br />3.03. The City elects to make a qualifying local contribution in accordance with <br />Minnesota Statutes, Section 273.1399, subd. 6 (b), in order to qualify District No. 1-5 for <br />exemption from state aid losses set forth in Section 273.1399. <br /> <br />3.04. The Council further finds, declares and determines that the City made the above <br />findings for District No. 1-5 stated in this Section and has set forth the reasons and supporting <br />facts for each determination in writing, attached hereto as Exhibit A. <br /> <br />3.05. The City ofCenterville elects to calculate fiscal disparities for District No. 1-5 in <br />accordance with Minnesota Statutes, Section 469. 177, subdivision 3, clause b, which means the <br />fiscal disparities contribution would be taken from within District No. 1-5. <br /> <br />Section 4. <br /> <br />Approval and Adoption of the Plan. <br /> <br />4.01. The Plan, as presented to the Council on this date, including without limitation the <br />findings and statements of objectives contained therein, are hereby approved, ratified, established, <br />and adopted and shall be placed on file in the office of the City Clerk. <br /> <br />4.02. The staff of the City, the City's advisors and legal counsel are authorized and <br />directed to proceed with the implementation of the Plan and to negotiate, draft, prepare and <br />present to this Council for its consideration all further plans, resolutions, documents and contracts <br />necessary for this purpose. <br /> <br />4.03. The Auditor of Anoka County is requested to certify the original net tax capacity <br />of District No. 1-5, as described in the Plan, and to certify in each year thereafter the amount by <br />
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