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res_10316B
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Last modified
7/17/2007 9:26:28 AM
Creation date
7/1/2005 1:05:33 PM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
6/20/2005
Resolution #
10316B
Resolution Title
A RESOLUTION RESTATING THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO.1, CREATING TAX INCREMENT FINANCING DISTRICT NO. 17 AND HAZARDOUS SUBSTANCE SUBDISTRICT NO. 17 A, AND ADOPTING TAX INCREMENT FINANCING PLANS RELATING THERETO.
Resolution Date Passed
6/20/2005
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<br />further finds, determines and declares that the tax increment financing district constitutes a type of <br />"redevelopment district" as defined in Minnesota Statutes, Section 469.174, Subdivision 10. <br /> <br />3.02. The Council hereby finds, determines and declares that the proposed development <br />or redevelopment in the District, in the opinion of the Council, would not occur solely through <br />private investment within the reasonably foreseeable future and, therefore, the use of tax increment <br />financing is deemed necessary. <br /> <br />3.03. The Council hereby finds, determines and declares that the increased market value <br />of the District that could reasonably be expected to occur without the use of tax increment financing <br />would be less than the increase in the market value estimated to result from the proposed <br />development after subtracting the present value of the projected tax increments for the maximum <br />duration of the District. <br /> <br />3.04. The Council hereby finds, determines and declares that the expenditure of tax <br />increment within the District serves a primarily public purpose. <br /> <br />3.05. The Council hereby finds, determines and declares that the City made the above <br />findings stated in this Section 3 and has set forth the reasons and supporting facts for each <br />determination in the District Plan and Exhibit B ofthis Resolution. <br /> <br />Section 4. <br /> <br />Specific Findings for the Subdistrict. <br /> <br />4.01. The Council hereby finds, determines and declares that the Subdistrict constitutes a <br />hazardous substance subdistrict as defined in Minnesota Statutes, Section 469.174, Subdivision 23. <br /> <br />4.02. The Council hereby finds, determines and declares that the proposed development <br />or redevelopment in the Subdistrict, in the opinion of the Council, would not occur solely through <br />private investment within the reasonably foreseeable future and, therefore, the use of tax increment <br />financing is deemed necessary. <br /> <br />4.03. The Council hereby finds, determines and declares that other parcels not designated <br />as hazardous substance sites are expected to be developed together with the designated hazardous <br />substance site. <br /> <br />4.04. The Council hereby finds, determines and declares that the Subdistrict is not larger <br />than, and the period of time during which tax increments are elected to be received is not longer <br />than, that which is necessary, in the opinion of the Council, to provide for the additional costs due <br />to the designated hazardous substance site. <br /> <br />4.05. The Council hereby finds, determines and declares that the expenditure of tax <br />increment within the Subdistrict serves a primarily public purpose. <br /> <br />3 <br />
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