RES 22-03 - Laserfiche WebLink

Home Browse Search

already built up, to provide a range of housing opportunities in the City, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. For the reasons described in Exhibit A, the City believes these benefits directly derive from the tax increment assistance provided under the TIF Plan. A private developer will receive only the assistance needed to make this development financially feasible. As such, any private benefits received by a developer are incidental and do not outweigh the primary public benefits. Section 4. Approval and Adoption of the Program and Plan. 4.01. The Program and 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 Administrator. 4.02. The City elects to retain all of the captured tasK capacity to finance the costs of the TIF District and the Development District 4.03. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Program and Plan and to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. The City Council, staff and its consultants are authorized to negotiate the terms of any development agreement, if necessary, with developers in connection with the establishment of the TIF District. 4.04 The Auditor of Sherburne County is requested to certify the original net tax capacity of the District, as described in the Program and Plan, and to certify in each year thereafter the amount by which the original net tax capacity has increased or decreased; and the City is authorized and directed to forthwith transmit this request to the County Auditor in such form and content as the Auditor may specify, together with a list of all properties within the District, for which building permits have been issued during the 18 months immediately preceding the adoption of this resolution. 4.05. The City Administrator is further authorized and directed to file a copy of the Program and Plan with the Commissioner of the Minnesota Department of Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a. Passed and adopted this 3rd day of January 2022. ATTEST - Tina Allard, City Clerk Wie&,'Vayor PONEAEO i AiUf