Laserfiche WebLink
<br />Section 3. Findinqs for the Establishment of Tax Increment <br />Financinq District No. 11. <br /> <br />3.01. The Council hereby finds that Tax Increment Financing <br />District No. 11 is a redevelopment district pursuant to Minnesota <br />Statutes, Section 469.174, Subdivision 10(a) (2). The City has <br />determined that parcels consisting of 70% of the area of Tax <br />Increment Financing District No. 11 are occupied by buildings, <br />streets, utilities and other improvements. Eight of the 40 <br />buildings on these parcels or 20% are structurally substandard <br />and twelve of the 40 buildings or 30% are in need of substantial <br />renovation or clearance. A report from City staff indicating how <br />these buildings qualify as substandard or in need of substantial <br />renovation or clearance is on file in the office of the Director <br />of Community Development. <br /> <br />3.02. The Council further finds that the proposed <br />development, in the opinion of the Council, would not occur <br />solely through private investment within the reasonably <br />foreseeable future and, therefore, the use of tax increment <br />financing is deemed necessary. The specific basis for such <br />finding being: <br /> <br />without the City's assistance with the assemblage of <br />developable but substandard or improperly zoned parcels <br />in order to make sites suitable for future commercial/ <br />industrial development, the developers could not <br />feasibly construct their developments and without the <br />use of tax increments to assist with the financing of <br />public improvements, the sites would not be available <br />for future commercial/industrial development. The area <br />consists primarily of aging truck terminals with, in <br />many instances, hazardous underground tank leakage <br />problems. A comprehensive development simply cannot <br />occur in this area without public intervention. <br /> <br />3.03. The Council further finds that the Tax Increment <br />Financing Plan for Tax Increment Financing District No. 11 <br />conforms to the general plan for the development or redevelopment <br />of the City as a whole. The specific basis for such finding <br />being: <br /> <br />The Tax Increment Financing Plan for Tax Increment Financing <br />District No. 11 will generally compliment and serve to <br />implement policies adopted in the City's comprehensive plan. <br /> <br />3.04. The Council further finds that the Tax Increment <br />Financing Plan for Tax Increment Financing District No. 11 will <br />afford maximum opportunity consistent with the sound needs of the <br /> <br />1115 <br /> <br />3 <br />