2007_1217_Packet - Laserfiche WebLink

Home

S. Use af Tax I�crements. The City finds and d�term.i�es that the activities to be #�nanced by t�e tax increments frnm the Tax Increznen� Distr�ct wil� carry out t�e objectives of Development Uis�rict Na. l, the Redevelapment Praject Area and Inc��starial Dev�lopment Distric� No, � set �orth in the Dev�lo�ment Progra�. d. �'ublic Pu�pose. The provzsions for ihe deveIop�ent and redeveIoprn�nt of Develapment District No. 1, ih� Redevalapme�t Paroject Area and Tndustrial Deveioptnent Dis�rict No. 1 are in the p�blic int�rest of �he City and the e�penditures of revenues a� the Tax Zncrexxaent District are %r a public puipos�. 'i. Ador�tion of TaY Incrernent P�an �mendr�zez�ts. T�Ze Tax �ncrem��t Plan arne�dmen� by supplement set �orth in the Pragrar� and Plans, havzz�g been duiy reviewed and considered, is �er�by approved anc� adop�ed. The duxation of the `�"ax Incre�nezzt District is hearelay determinefl to be, and con�rmed to be, Decernber 31, 2Q09. �f ihe Cit� has taken actian earlier �a limit s�ch duratia� to an earizer date, such earlier action is hereby r�pealed arad the duratiorz of t�e Tax Incremen� Di�trict is hereby �xtended ta Decembear 3�, 2Q09. 8. Rec�uired Finc�in�s for Tax �ncrement Plan .tlmendzne�ts. The C�ty %ereby �zakes �he fol�owin� findi�gs required to be made hy the City in appr�ving the a�endmen� by supplernent �:a �e Tax �ncre�nent P1an: (i) the Ta� Incrernent District is a redevelopznent district; and (2} t�e dev�loprnent and redevslapme�t proposed far the Tax Tncreznent Distrzet, ir� the opin�on flit�e City, would not reasonably be expected �o occur sole�y through privaie inves#mcnt within the reasona%ly fares�ea�le future; and {3) the City need no� find that the increased market value of �he site that could reasonably be expected to occur without t�e us� of ta� incz�ernent finar�cing would be less �han t�Ze incr�ase zz� the maz��Cei val�e estim.ated ta re�ul� fro�a t�Ze proposed development af-ter s�btracting tl�e �resen� va1�e af the projec�ed tax 'rr�cr�men�s for �he zana�imurr� d�ration o�the Tax I�crement District perr�itted by the Tax �nar��nent Plan; and (4) the Tax Iz�crer�ent Plan conforms to the general piaz� �`o� the development ar �edevelapment of �he City as a whale; and (5} �he Tax incxem�nt Plan wili afford anaxirr�um apportunity, cansistent with the saund needs af tne City as a w�oie, for the develop�zerzt ane! redeve�o�arraez�t af Development Di�tric� No. 1, ihe Rede�ela�znen� Praject Area and Ind�zstrial Developr�ent District Na. 1 by private enterprise; and (6) the Cit� confirms its �ast e�ectian of a zz�etl�od of co�putation of ta�c increnr�ents �nder Minnesotia Statutes, Section �69.177, �ubdiv�sion 3, cla�se (b}. Tl�e reasons and supporting fac�s for each o� t�e above findings and determinations are set forth o� �xhibit B attached her�ta azad by tl�is re�erence incarporated k�er�in as if stated fully �erein, and are hereby confirmed, appraved and adopted. a t t b�az�� 4