4.2. SR 04-06-1998 - Laserfiche WebLink

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EXHIBIT A RESOLUTION NO. 98 - The reasons and facts supporting the findings for the adoption of the Tax Increment Financing Plan for Tax Increment Financing District No. 18 ("District No. 18") as required pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 are as follows: Finding that the District No. 18 is an "economic development district"as defined in Minnesota Statutes, Section 469.174, Subdivision 1~'. District No. 18 consists of two parcels of property. The District is in the public interest because it will discourage business from moving their operations to another state or municipality; it will result in increased employment in the state, and it will result in preservation and enhancement of the tax base of the state. Finding that the proposed development, in the opinion of the Council, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. Due to the high cost of site development on the parcel and the cost of financing the proposed improvements, this project is feasible only through assistance, in part, from tax increment financing. A comparative analysis of estimated market values both with and without establishment of Tax Increment Financing District No. 18 and the use of tax increment has been performed as described above. If all development which is proposed to be assisted with tax increment were to occur in District No. 18, the total increased market value would be up to $2,000,250. It is the Council's finding that no development with a market value of greater than $1,282,054 would occur without tax increment assistance in this district within 9 years. This finding is based upon evidence from general past experience with the high cost of site improvements in the area of District No. 18. Finding that the Tax Increment Financing Plan for District No. 18 conforms to the general plan for the development or redevelopment of the municipality as a whole. The site is appropriately zoned. The Tax Increment Financing Plan for District No. 18 has been reviewed by the Planning Commission on February 24, 1998, and been found to conform to the Comprehensive Plan and general development plan of the City. Finding that the Tax Increment Financing Plan for District No. 18 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of Municipal Development District No. 1 by private enterprise. The development to be assisted by District No. 18 will result in increased employment in the City and the State of Minnesota, increased tax base of the State and add a high quality development to the City.