6.0. 7.0. 8.0. HRSR 01-27-1997 - Laserfiche WebLink

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4. the tax increment revenues for taxes payable in the current calendar year; II5. whether the tax increment financing plan or other governing document permits increment revenues to be expended outside of the tax increment financing district; 6. any additional information that the State Auditor may require. Copies of this report must also be provided to the county and school district boards. Y. MUNICIPAL APPROVAL Pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, before or at the time of approval of the tax increment financing plan, the municipality shall make the following findings and shall set forth in writing the reasons and supporting facts for each determination. 1. Finding that the Tax Increment Financing District No. 16 is a redevelopment district as defined in Minnesota Statutes,Section 469.175, Subd. 10. District No. 16 consists of 3 parcels of property. The District qualifies as a redevelopment district as defined in Minnesota Statutes,section 469.174, subd. 10. 1 2. Finding that the proposed development, in the opinion of the City Council and the Authority, would not occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonable 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 redevelopment on parcels currently occupied by substandard buildings, the incompatible land uses at close proximity, and the cost of financing the proposed improvements,is, this project is feasible only through assistance, in part, from tax increment financing. 3. Finding that the Tax Increment Financing Plan 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 has been reviewed by the Planning Commission and been found to conform to the general development plan of the City. 4. Finding that the Tax Increment Financing Plan for Tax Increment Financing District No. 16 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of Development District No. 1 by private enterprise. The establishment of Tax Increment Financing District No. 16 will result in increased employment for the City and will eliminate a blighting influence in the downtown area. Z. COUNTY ROAD COSTS Pursuant to Minnesota Statutes, Section 469.175, Subdivision la, the county board may require the authority to pay for all or part of the cost of county road improvements if the proposed development to be • Tax Increment Financing District No.16 Page 11-12