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98-057
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98-057
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7/15/2005 10:16:41 AM
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7/14/2005 11:01:25 AM
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<br />.. <br /> <br />.. <br /> <br />1. 17. The Council has investigated the facts with respect thereto and has determined that <br />extending the expected durations of Tax Increment Financing Districts Nos. 1 - 10 and 12 - 15 <br />does not constitute modifications to the tax increment financing plans as defined by Minnesota <br />Statutes, Section 469.175, Subdivision 4. <br /> <br />Section 2. Findings. <br /> <br />2.01. The Council hereby finds, determines and declares that extending the expected <br />durations of Tax Increment Financing Districts Nos. 1 - 10 and 12 - 15 is necessary in order to <br />assist with current and future expenses as provided for in the Program and which are necessary <br />to assure the development and redevelopment of the Project Area. <br /> <br />2.02. The Council hereby finds, determines and declares that extending the expected <br />durations of Tax Increment Financing Districts Nos. 1 . 10 and 12 -15 is further necessary in <br />order to insure the City's ability to service public debt issued and to be issued in order to achieve <br />the goals and objectives of the Project Area. <br /> <br />2.03. The Council hereby finds, determines and declares that the additional increased <br />expenses, outstanding debt service and potential debt service associated with the continued <br />development and redevelopment of the Project Area, for which additional tax increment from Tax <br />Increment Financing Districts Nos. 1 - 10 and 12 - 15 are necessary, conform to the general plan <br />for the development and redevelopment of the City as a whole in that they are consistent with the <br />City's comprehensive plan. <br /> <br />Section 3. Approval. <br /> <br />3.01. The expected durations of Tax Increment Financing Districts Nos. 1 - 10 and 12 <br />- 15 are hereby extended, and are now expected to be the duration dates listed below, and are <br />hereby approved by the Council of the City. <br /> <br />Tax Increment Financing District No.1 <br />Tax Increment Financing District No.2 <br />Tax Increment Financing District No.3 <br />Tax Increment Financing District No.4 <br />Tax Increment Financing District NO.5 <br />Tax Increment Financing District No.6 <br />Tax Increment Financing District No.7 <br />Tax Increment Financing District NO.8 <br />Tax Increment Financing District NO.9 <br />Tax Increment Financing District No. 10 <br /> <br />December 3 1, 2008 <br />December 3 1, 2008 <br />December 31, 2008 <br />December 31,2010 <br />December 3 1, 2011 <br />December 31, 2011 <br />December 31, 2013 <br />December 31,2012 <br />December 3 1, 2012 <br />December 3 1, 2013 <br /> <br />4 <br />
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