85-046 - Laserfiche WebLink

Home Browse Search

.. J' jurisdiction over the property to be included in Tax Incre- ment Financing District NO.7, a review by the City Planning Commission of the proposed Modified Development Program for Development District No. 1 and the proposed Tax Increment Financing Plan for Tax Increment Financing District No. 7 and the holding of a public hearing upon published and mailed notice as required by law. Section 2. Findings for the Modification of Development District No.1. 2.01. The Council hereby finds that the modification by enlargement of Development District No. 1 is intended and, in the judgment of this Council, its effect will be, to provide an impetus for commercial and industrial development in the City, to increase employment, and otherwise promote certain public purposes and accomplish certain objectives as specified in the Modified Development Program. Section 3. Findings for the Establishment of Tax Incre- ment Financing District No.7. 3.01. The Council hereby finds that in certain portions of Tax Increment Financing District No.7, seventy percent (70%) of the parcels in the District are occupied by build- ings, streets, utilities or other improvements and more than fifty percent (50%) of the buildings, not including out- buildings, are structurally substandard to a degree requir- ing substantial renovation or clearance. Based on this finding, the City Council has classified Tax Increment Financing District No. 7 as a Redevelopment District as defined by Minnesota Statutes Section 273.73, Subdivision 10(1). 3.02. The Council further finds that the proposed de- velopment, in. the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary; that the Tax Increment Financing Plan conforms to the general plan for the develop- ment or redevelopment of the City as a whole; and that the Tax Increment Financing Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of Tax Increment Financing District No. 7 by private enterprise. 3.03. The Council further finds that the establishment of Tax Increment Financing District No. 7 and the approval and adoption of the Tax Increment Financing Plan relating thereto is intended and, in the judgment of this Council, its effect will be, to promote the public purposes and accomplish the objectives specified in the Tax Increment Financing Plan. - 2 -