Laserfiche WebLink
<br />I <br />~ II' <br /> <br />Section 2 and otherwise promote certain public purposes and accomplish certain <br />objectives as specified in the Plans. <br /> <br />2.05. The Council hereby finds, determines and declares that the Proposed <br />District constitutes a "tax increment financing district" as defined in Minnesota <br />Statutes, Section 469.174, Subdivision 9 and Special Law, and further finds, <br />determines and declares that the tax increment financing district constitutes a type <br />of "redevelopment district" as defined in Minnesota Statutes, Section 469.174, <br />Subdivision 10. <br /> <br />2.06. The Council hereby finds, determines and declares that the proposed <br />development or redevelopment in the Proposed District, in the opinion of the <br />Council, would not occur solely through private investment within the reasonably <br />foreseeable future and, therefore, the use of tax increment financing is deemed <br />necessary. <br /> <br />2.07. The Council hereby finds, determines and declares that the increased <br />market value of the site that could reasonably be expected to occur without the <br />use of tax increment financing would be less than the increase in the market value <br />estimated to result from the proposed development after subtracting the present <br />value of the projected tax increments for the maximum duration of the district <br />permitted by the TIF Plan. <br /> <br />2.08. The Council hereby finds, determines and declares that the expenditure of <br />tax increment seNes a primarily public purpose. <br /> <br />2.09. The Council hereby finds, determines and declares that the City made the <br />above findings stated in this Section 2 and has set forth the reasons and <br />supporting facts for each determination in the Plans and Exhibit A of this <br />Resolution. <br /> <br />Section 3. Approvals and Adoptions. <br /> <br />3.01. The modifications to the Program reflecting increased project costs and <br />increased bonded indebtedness within the Project Area are hereby approved and <br />adopted by the Council of the City. <br /> <br />3.02. The modifications to the Existing Plans reflecting increased project costs <br />and increased bonded indebtedness within the Project Area are hereby approved <br />and adopted by the Council of the City. <br /> <br />3 <br /> <br />H <br />II <br />I <br />