Laserfiche WebLink
<br />...."'1 ..... <br />. <br /> <br />, >\ . <br /> <br />EXHIBIT A TO RESOLUTION NO. <br /> <br />The reasons and facts supporting the findings for the Tax <br />Increment Financing Plan ("TIF Plan") for Tax Increment Financing <br />District No. 23 ("TIF District No. 23") pursuant to Minnesota <br />Statutes, Section 469.175, Subdivision 3, are as follows: <br /> <br />1. Finding that TIF District No. 23 is a "housing district" as <br />defined in Minnesota statutes. <br /> <br />TIF District No. 23 consists of one parcel of land which <br />qualifies as a housing district under Minnesota statutes. <br /> <br />2. Finding that TIF District No. 23 is a "qualified housing <br />district" as defined in Minnesota Statutes. <br /> <br />TIF District No. 23 qualifies as a "qualified housing district" <br />under Minnesota Statutes, Section 273.1399, Subd. 1(d) by meeting <br />all the requirements for low-income housing credits under section <br />42 of the Internal Revenue Code of 1986, as amended through <br />December 31, 1992. <br /> <br />3. Finding that the proposed development, in the opinion of the <br />Council, would not occur solely through private investment within <br />the reasonably foreseeable future and, therefore, the use of tax <br />increment financing is deemed necessary. <br /> <br />City staff has reviewed the financing costs for the development <br />including the additional costs of installing central air <br />conditioning and extensive landscaping to screen out excessive <br />freeway noise, additional space requirements, high land <br />acquisition and extensive soil corrections. Due to these <br />additional costs, the project would not be financially feasible <br />without the City's assistance. <br /> <br />4. Finding that the TIF Plan conforms to the general plan for <br />the development or redevelopment of the municipality as a whole. <br /> <br />The City Council of the City of New Brighton has reviewed the <br />Development Program and has determined that the Development <br />Program conforms to the comprehensive plan of the City. <br /> <br />5. Finding that the TIF Plan for TIF District No. 22 will <br />afford maximum opportunity, consistent with the sound needs of <br />the City as a whole for the development or redevelopment of <br />Development District No. 1 by private enterprise. <br /> <br />The project to be developed (approximately 25 units of <br />handicapped housing) will be located within TIF District No. 23 <br />and will provide additional handicapped housing opportunities as <br />well as construction employment for residents of the City and <br />surrounding area. <br /> <br />6 <br />