2019.04.03 EDC Packet - Laserfiche WebLink

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Subsection 1.2. Statement and Finding of Public Purpose The Council of the City determined that there was and hereby reaffirms that ther e continues to be a need for the City to take certain actions designed to encourage and facilitate the private sector to (i) develop and redevelop underutilized, blighted, contaminated and unused land located within its corporate limits: (2) improve the tax base of the City, the County and the School District, thereby enabling them to better utilize existing public facilities and provide needed public services; (3) improve the general economy of the City, the County and the State; and, (4) provide additional employment opportunities for residents of the City and the surrounding area. Specifically, the City determined and reaffirms that there is property within the City that is unused due to a variety of factors, including fragmented ownership, contamination or blighted improvements, which have resulted in a lack of private investment. Further, it was found that there are certain underutilized parcels of property within the City which were potentially more useful, productive and valuable than was being realized under existing conditions. As a result, the property was not providing adequate employment opportunities and was not contributing to the tax base and general economy of the City, the County, the School District and the State to its full potential. Therefore, the Council determined that it was necessary to exercise its authority to develop, implement and finance a Program for improving the Project Area to (1) provide an impetus for private development and redevelopment; (2) maintain and increase employment; (3) utilize, enhance and supplement existing potential; and, (4) provide other facilities as outlined in Subsection 1.4. of the Program. The Council also determined (1) that the proposed development or redevelopment would not occur solely through private investment in the foreseeable future; (2) that the Tax Increment Plans proposed herein were consistent with the Program; (3) that the Tax Increment Plans would afford maximum opportunity, consistent with the sound needs of the City as a whole for the development or redevelopment of the Project Area by private enterprise; and (4) that the Program conformed to the Comprehensive Plan of the City. The Council further determined that the welfare of the City, School District, County and State required active promotion, attraction, encouragement and development of economically sound housing, industry and commerce to carry out its state public purpose objectives. Subsection 1.3. Statutory Authority The Council determined and hereby reaffirms that it continues to be desirable and in the public interest to designate a specific area within the corporate limits of the City as the Project Area and to establish, develop and implement a Program pursuant to the provisions of the Development District Act, as amended and supplemented from time to time. Funding of the necessary activities and improvements in the Project Area shall be accomplished, in part, with any funds the Council has or may have available from any source, including funds made available by the City and through tax increment financing pursuant to the Tax Increment Act. The Tax Increment Act authorizes the establishment of tax increment dis tricts within the Project Area pursuant to the requirements set forth in Section 469.174. The Tax Increment Act also designates the types of tax increment districts and establishes the limitations and requirements that apply to activities and public improvements which can be financed for each type of tax increment district.