98-094 RES - Laserfiche WebLink

Home Browse Search

Section 2. - Findings for the Adoption and Approval of the Program and Plan. 2.01. 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 purpose and accomplish certain objectives as specified in the Program and Plan, which are hereby incorporated herein. Section 3. - Approval and Adoption of the Program and Plan. 3.01. The Council hereby finds that Tax Increment Financing District No. 20 is in the public interest and is an "economic development district" under Minnesota Statutes, Section 469.174, subd. 12. 3.02. The Council further finds that the proposed development would not occur solely through private investment within the reasonably foreseeable future and that the increased market value on 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 of District No. 20 permitted by the Tax Increment Financing Plan, that the Program and Plan conform 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 of District No. 20 by private enterprise. 3.03. The City elects to make a qualifying local contribution in accordance with Minnesota Statutes, Section 273.1399, subd. 6(d), in order to qualify District No. 20 for exemption from state aid losses set forth in Section 273.1399 subd. (c). 3.04. 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. 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 statement of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the EDA Executive Director. 4.02. The staffofthe 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, and prepare and present to this Council for its consideration all further plans, resolutions, documents, and contracts necessary for this purpose. 4.03. The Auditor of Sherburne County is requested to certify the original net tax capacity of District No. 20, as described in the Program and Plan; and the City of Elk River is authorized and directed to forthwith transmit this request to the