Resolution 97-15 - Laserfiche WebLink

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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. 1-4 permitted by the Tax Increment Financing Plan; that the Plan conforms to the general plan for the development or redevelopment of the City as a whole; and that the Plan will afford maximum opportunity,consistent with the sound needs of the City as a whole, for the development of District No. 1-4 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. 1-4 for exemption from state aid losses set forth • in Section 273.1399. 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 Plan. 4.01. The Plan,as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein,is hereby approved,ratified,established,and adopted and shall be placed on file in the office of the City Clerk. 4.02. The Plan is hereby approved and adopted. The area contained in Tax Increment Financing District No. 1-4, as set forth in Subsection 2-5 of the Plan, is hereby formed into and designated a tax increment financing district for the purpose of financing economic development through the use of increment generated from the captured net tax capacity in Tax Increment Financing District No. 1-4 as set forth in Minnesota Statutes, Section 469.174, Subd. 9, as an economic development district pursuant to Minnesota Statutes,Section 469.174, Subd. 10. 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 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. 4.04 The Auditor of Crow Wing County is requested to certify the original net tax capacity of District No. 1-4, as described in the Plan, and to certify in each year thereafter the amount by which the original net tax capacity has increased or decreased; and the City of Pequot Lakes 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 District No. 1-4 for which building permits have been issued during the 18 months immediately preceding the adoption of this resolution. N:\MINNSOTA\PEQUOTLK\TIF1-4\CITY.RES