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92-047
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92-047
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<br />as a whole for the development and redevelopment of Development <br />District No. 1 by private enterprise and it is contemplated that <br />the development and redevelopment thereof will be carried out <br />pursuant to redevelopment contracts with private developers. <br /> <br />2.04. The Council hereby finds, determines and declares <br />that the modification, approval and adoption of the Modified <br />Development Program and Modified Tax Increment Financing Plans <br />relating to Development District No. 1 and Tax Increment <br />Financing Districts No. 1 through No. 18 and the approval and <br />adoption of the proposed Tax Increment Financing Plan relating to <br />the creation of proposed Tax Increment Financing District No. 19 <br />by the City is intended and, in the judgement of this Council, <br />its effect will be to promote the purposes and objectives <br />specified in this Section 2 and otherwise promote certain public <br />purposes and accomplish certain objectives as specified in the <br />Modified Development Program, Modified Tax Increment Financing <br />plans and proposed Tax Increment Financing Plan. <br /> <br />2.05. The Council hereby finds, determines and declares <br />that proposed Tax Increment Financing District No. 19 constitutes <br />a "tax increment financing district" as defined in Minnesota <br />statutes, Section 469.174, Subdivision 9, and further Tax <br />Increment Financing District No. 19 constitutes a type <br />of "redevelopment district" as defined in Minnesota Statutes, <br />Section 469.174, Subdivision 10. <br /> <br />2.06. The Council hereby finds, determines and declares <br />that the proposed development or redevelopment in proposed Tax <br />Increment Financing District No. 19, 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 />2.07. The Council hereby finds, determines and declares <br />that the City made the above findings stated in this Section 2 <br />and has set forth the reasons and supporting facts for each <br />determination in the Modified Development Program, Modified Tax <br />Increment Financing Plans, proposed Tax Increment Financing <br />Plans, and Exhibit A of this Resolution. <br /> <br />Section 3. Modification, Approval and Adoption of the <br />Modified Development Proqram Relatinq tQ Development District <br />No. l. <br /> <br />3.01. The modifications to the Modified Development Program <br />relating to Development District No. 1 reflecting increased <br />project costs and increased geographic area are hereby approved <br />and adopted by the Council of the City of New Brighton. <br /> <br />3 <br />
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