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<br />B. The Council has investigated the facts and has caused <br />to be prepared a Tax Increment Financing Plan for Tax <br />Increment Financing District No. 10. <br /> <br />C. The City has performed all actions required by law to <br />be performed prior to the creation of Tax Increment Financing <br />District No. 10 and the adoption of the proposed Tax Increment <br />Financing Plan relating thereto, including but not limited to, <br />notification of Ramsey County and Independent School Districts <br />No. 621 and 623 and Special Intermediate School District No. <br />916, a review by the City Planning Commission of the proposed <br />Tax Increment Financing Plan for Tax Increment Financing <br />District No. 10, and the holding of a public hearing upon <br />published and mailed notice as required by law. <br /> <br />NOW THEREFORE, BE IT RESOLVED, by the City Council of the <br />City of Roseville as follows: <br /> <br />1. The Council hereby finds that the establishment of <br />Tax Increment Financing District No. 10 is intended and, in <br />the judgment of this Council, its effect will be, to provide <br />an impetus for development in the City, to increase employment <br />and otherwise promote certain public purposes and accomplish <br />certain objectives as specified in the modified Development <br />Program and the Tax Increment Financing Plan for Tax Increment <br />Financing District No. 10. <br /> <br />2. Pursuant to Minnesota Statutes, Section 469.175, <br />Subdivision 3, before or at the time of approval of the Tax <br />Increment Financing Plan for Tax Increment Financing District <br />No. 10, the municipality shall make the following findings and <br />shall set forth in writing the reasons and supporting facts <br />for each determination: <br /> <br />a. The proposed development or redevelopment, in <br />the opinion of the City, would not reasonably be expected <br />to occur solely through private investment within the <br />reasonably foreseeable future and, therefore, the use of <br />tax increment financing is deemed necessary. Lexington <br />Avenue Limited Partnership has represented to the City <br />that they would not undertake the project without the <br />City's use of tax increment financing. In addition, the <br />use of tax increments from Tax Increment Financing <br />District No. 10 to pay the debt service on the City's <br />outstanding tax increment bonds, if necessary, will <br />protect the tax base of the City by minimizing the <br />likelihood that the City will have to levy taxes to pay <br />debt service on the bonds. <br /> <br />2 <br />