6.1. SR 11-01-2004 - Laserfiche WebLink

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Downtown District, Downtown Revitalization Project Planning & Project History, Redevelopment Eligibility Assessment: Proposed "Downtown Revitalization Project" Redevelopment Area - by SEH July 14, 2003, Traffic Counts - 1999, TIP Application, Downtown Riverrront Revitalization Q&A Newsletters, and the Redevelopment Eligibility Assessment - by SEH September 2, 2004 (the "Reports") relating to the Program and Plan and to the activities contemplat~d therein have heretofore been prepared by staff and consultants and submitted to the Council and/or made a part of the City files and proceedings on the Program and Plan. The Reports include data, information and/or substantiation constituting or relating to the basis for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part ofthis resolution to the same extent as if set forth in full herein. 1.05. The City is not modifYing the boundaries of Development District No. I. Section 2. Findings for the Adoption and Approval of the Program and Plan. 2.0 I. The Council hereby finds that the Program and Plan, are intended and, in the judgment of this Council, the effect of such actions will be, to provide an impetus for development in the public interest and accomplish certain objectives as specified in the Program and Plan, which are hereby incorporated herein. The findings ofthe Council in the Program and Plan are based on various studies, reports and facts available to the Council and are neither arbitrary nor unreasonable. Section 3. Findings for the Establishment of Downtown Phase I Tax Increment Financing District No. 22. 3.01. The Council hereby finds that the District is in the public interest and is in furtherance of the public health, safety and welfare, and is a "redevelopment district" under Minnesota Statutes, Section 469.174, Subd. 10. 3.02. The Council further finds that the proposed redevelopment would not 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 ofthe District permitted by the Tax Increment Financing Plan, that the Program and Plan conforms to the general plan for the development or redevelopment of the City as a whole; and that the Program and Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development orredevelopment ofthe District by private enterprise as set forth in Exhibit A. 3.03. The Council further finds, declares and determines that the City made the above findings stated in this Section and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. The Council has reviewed the attached Exhibit A and finds it to be accurate, correct and in the best interest of the health, safety and welfare of the City. Section 4. Public Purpose 4.0 I. The adoption of the Program and Plan conforms in all respects to the requirements of the Act and will help fulfill a need to develop an area of the City which is already built up, to provide employment opportunities, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose.