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private investment within the reasonably foreseeable future and, <br />therefore, the use of tax increment financing is deemed necessary <br />since The Housing Alliance, Inc. could not construct the present <br />facility without the remedial site preparation and without the use of <br />tax increments to finance this soil correction, the developer would <br />not have constructed the elderly housing in the City; and <br />2. The tax increment financing plan will afford maximum opportunity, <br />consistent with the sound needs of the City as a whole, for the <br />development by private enterprise as it will enable the City to <br />provide suitable sites for development; thereby encouraging <br />redevelopment in the area. <br />3. The tax increment financing plan conforms to the general plan for <br />the development of the city as a whole as it will result in <br />construction of needed elderly housing. <br />4. The tax increment district to be established is a redevelopment <br />district pursuant to Minnesota Statutes, Section 273.73, Subdivision <br />10 in which the conditions described n Section E of this plan exist. <br />15 <br />