Res. #05-039 - TIF Plan for Dist. #1-6

Home Browse Search

foreseeable future and that therefore the use of tax increment financing is necessary to assist the project. 2.03. The expenditures proposed to be financed through tax increment financing are necessary to permit the City to realize the full potential of the District in terms of development intensity and tax base. 2.04. The creation of the Plan for Tax Increment Financing District No. 1-6 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the tax increment financing district by private enterprise. 2.05. The Plan conforms to the plans for development of the City as a whole. 2.06. The City Council has relied upon the opinions and recommendations of its staff and the personal knowledge of the members of the council in reaching its conclusions regarding the creation of the Plan. 2.07. Tax Increment Financing District No. 1-6 is a redevelopment tax increment financing district within the meaning of Minnesota Statutes Section 469.174, Subd. 10. Section 3. Approval of the Tax Increment Financinq Plan. 3.01. The Plan for Tax Increment Financing District No. 1-6 is hereby adopted and the district is hereby created. 3.02. The Finance Director is authorized and directed to file a copy of the Plan for Tax Increment Financing District No. 1-6 with the Minnesota Department of Revenue. a ^ -/ DATED: I' L~ ~a-6 . ~9J:'~/~~~nd,-^- Teresa Bender, City Clerk V~~~,",Q;~~ \J The motion for the adoption of the foregoing resolution was duly seconded by member ~ and upon vote~ing taken thereon, the following voted in favor thereot: 21'r ~ J'AA-; ~m~ b}d-AiJJ, ;;0, f'1WA ~7 And the following voted against same 'fA-' Whereupon said resolution was declared duly passed and adopted.