2007_1217_Packet - Laserfiche WebLink

Home

EXHTBIT B REASONS AND �UPP4RTiNG FAGTS FOR DETERMINATIONS RELATiNG TO TAX IN�CREMENT FiNANCING DTST�CT NO. 1 O�' TI-�E CITY OF ROSEVILLE, MINNES4TA � Dece�%er � 7, 2Q07 Minz�esota Sta�u�es, Sectio� 469.175, Subdivzsions 3 and 4, require t�at a rnunicipalii;y malce cer�ain fndings before or at th� time ofapprovat of certain amendrnents to a tax increnae�� �nancing plan, and that the municipality set fo�tla in writing the reasons and supporting facts fnr each dete�inatian. Those reasans and s�.pporting �acts for the a�aexdment by supplerrient to the Tax Increment �'ina�cing Plan for Tax Tncrement �'inancing Disfiriet No. 1{the `.`District") of the City o�' Rose�ille, Miz�ta.csota (the "City"), are set %r�h h�re. 1. Ty,,t�e of District. The City has iaund that �he District zs a aredevelopment disiricl. T�e reasans and s�ppnrtii7g facts £ar this determina�ion are as %llaws: T�e District is a t� increm�nt �nancing district which consists nf a co�ti�uous geograp�ic area wi�hin Development Dist7ric� No. l, fhe Redeve�opmeni Project Area, and Industriai Deve�oparraent District No. I, aIl estahlished by t�e Ci�y, in whzch t�e Czty will undertake developz�:a��t and redeveloprnent ac�ivzties, whic� d'astrxc# when established znet thc req�i�rements faund in the defir�i�ion of a"redevelopmeni c�istrict". 2. But��'or Test. TI�e City has £ou�d t�at the proposed develop�ent a�d redevelopment, in the apinion o�'the City, wou�d not reasonably �e expected ta occur soleIy through priva�e investan�aez�t withz� t%e xeasonably foreseeable fi�ture. The Ci�y need nat �'i�d that the increased rr�arket value of the sit� that could reasonably be �xpecfed to occ�r withou� t�e use oi tax incre�nent �'inancing would be less than the increase in tl�e rnarket value esfiimated ia resuit irom th� propos�d development after subtracting ihe �resen� value of the projected ta� increments for the a�:axi�u�n duration of the Tax Increnaent District permitied hy �he Ta� I�crement Plan. T�Ze reasons ana su�paz�t�ng facts for tl�is ae2�erminatian are as fo�lows: {1) The praposed d�vela�annent and redevelapznent zncludes environmental rernediation and construct�an of faczlities. (2) This de�velopment and redevelopame�t wauld nat oec�r in the �easonabl� fareseea�aie future solely through private �nvest�a�r�t because nf �he high costs t�erenf. (3} In the absence of tax ir�erement finaneing, the City expecis that the property in the Dis�rict wauld contin�e to be underutilized for snme �im�. 2116fl02v3 B-�.