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<br />. <br /> <br />6. That the high cost of constructing the required <br />public improvements and facilities cannot be met, and <br />additional business and industrial development is therefore not <br />possible, without public intervention. <br /> <br />7. That it is therefore necessary, desirable, and in the <br />public interest to designate, establish, develop, and <br />administer an economic development Tax Increment Financing <br />District in the City pursuant to the Minnesota Tax Increment <br />Financing Act. <br /> <br />8. That the purpose of the Tax Increment Financing <br />District will be to assist in the financing of certain public <br />improvements including sanitary sewer and water service <br />improvements and facilities to be constructed in the <br />Development District and to provide a means for financing <br />additional public improvements if the City is to attract <br />additional business and industrial development and increase <br />employment opportunities in those areas of the City designated <br />for these uses. <br /> <br />. <br /> <br />9. That a proposed Tax Increment Financing Plan (TIF <br />Plan) has been prepared by City staff and consultants which <br />proposes designating a portion of Development District No. 1 as <br />an economic development Tax Increment Financing District to be <br />known as Tax Increment Financing District No. 4 (TIF District <br />No.4). <br /> <br />10. That TIF District No.4 is an economic development <br />Tax Increment District pursuant to Minnesota Statutes, section <br />469.174, subdivision 12. <br /> <br />(a) TIF District No. 4 is located wholly within the <br />City's Development District No.1. <br /> <br />(b) Development District No. 1 has been duly created <br />and the Development Program for Development <br />District No. 1 duly adopted by the City Council <br />pursuant to the provisions of Minnesota Statutes. <br /> <br />(c) The creation of Development District No. 1 and <br />TIF District No. 4 is in the public interest <br />because: <br /> <br />(i) It will discourage commerce, industry, <br />and manufacturing from moving their <br />operations to another state; <br /> <br />(ii) It will result in increased employment ln <br />the City; <br /> <br />. <br /> <br />(iii) It will result in preservation and <br />enhancement of the tax base of the City. <br /> <br />2 . <br />