7.1. SR 07-03-2017 - Laserfiche WebLink

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Council has noted that the property has been declining and losing tenants for several years and would likely continue to do so if tax increment financing is not available. Thus, the use of tax increment financing will be a positive net gain to the City, the School District, and the County, and the tax increment assistance does not exceed the benefit which will be derived therefrom. 2.06. The City elects to retain all of the captured tax capacity to finance the costs of the TIF District and the Development District. 2.07. The provisions of this Section 2 are hereby incorporated by reference into and made a part of the TIF Plan. 2.08. The Council further finds that the Program Modification and TIF Plan are intended and in the judgment of the Council its effect will be to promote the public purposes and accomplish the objectives specified therein. 2.09. The TIF District is hereby established and the Program Modification and TIF Plan, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Clerk. City staff shall, in writing, request the Sherburne County Auditor to certify the new TIF District and file the Program Modification and TIF Plan with the Commissioner of Revenue and the Office of the State Auditor. Section 3. Approval of Related Agreements. 3.01. The City Council hereby authorizes City staff and consultants to negotiate the terms of a development agreement with a developer in connection with the Development of the TIF District (the "Development Agreement") and the Mayor and City Clerk are authorized to execute the Development Agreement on behalf of the City, and to carry out, on behalf of the City, the City's obligations thereunder, together with any related documents necessary in connection therewith (collectively, the "Documents"). 3.02. The approval hereby given to the Documents includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the City and by the officers authorized herein to execute said documents prior to their execution; and said officers are hereby authorized to approve said changes on behalf of the City. The execution of any instrument by the appropriate officers of the City herein authorized shall be conclusive evidence of the approval of such document in accordance with the terms hereof. In the event of absence or disability of the officers, any of the Documents authorized by this Resolution to be executed may be executed without further act or authorization of the City Council by any duly designated acting official, or by such other officer or officers of the City Council as, in the opinion of the City Attorney, may act in their behalf. 4 502320x23 JSB EL185-52