RES 24-30 - Laserfiche WebLink

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project financial information, project sources and uses and other information supplied by PLM Properties LLC, a Minnesota limited liability company, Heritage Millwork Inc., Minesota corporation, or an entity affiliated therewith or related thereto (collectively, the "Developer"), as to the activities contemplated therein, and information constituting or relating to (1) why the assistance satisfies the so-called "but for" test and (2) the bases for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies and adopts the Materials, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. 1.05. The TIF District is being established to facilitate the development by the Developer of certain property in the TIF District currently owned by the City (the "Property") including the construction and equipping thereon of an approximately 110,000 square foot industrial warehouse facility (the "Project"). At least 85% of the Project will be used for manufacturing, warehousing, distribution, or research, with less than 15% of the Project available for office or other space not related to such functions. Section 2. Findings, Develo ment District. 2.01. The boundaries of the Development District are not being expanded and the Development Program is not being modified other than to incorporate the establishment of the TIF District therein; therefore, the City Council reaffirms the findings and determinations originally made in connection with the establishment of the Development District and the adoption of the Development Program therefor. The purposes and development activities set forth in the proposed Development District Modification are hereby expanded to include all development and redevelopment activities occurring within the TIF District. 2.02. It is further specifically found and determined that (i) the land within the Development District would not be made available for redevelopment or development without the public intervention and financial assistance described in the Development Program Modification; (ii) the Development Program Modification will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development and redevelopment of the Development Program by private enterprise; and (iii) the Development Program Modification conforms to the general plan for the development of the City as a whole and otherwise promotes certain public purposes and accomplish certain objectives as specified in the Development Program Modification and the TIF Plan. Section 3. Findings; TIF District. 3.01. The City Council hereby finds that the Project within the TIF District is in the public interest and the TIF District is an economic development district, as defined in Section 469.174, subdivision 12 of the TIF Act, because the Project will (i) discourage the Developer from moving their operations out of the State, effectively discouraging commerce and industry from relocating out of the State; (ii) result in increased employment in the City and the State, including construction jobs; and (iii) result in capital investment in the City, which will preserve and enhance the City and the State's tax base. P 0 1 E R E I BY NATUR