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Resolution 97-15
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Resolution 97-15
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EXHIBIT A <br /> RESOLUTION <br /> The reasons and facts supporting the findings for the adoption of the Tax Increment Financing Plan for Tax <br /> Increment Financing District No. 1-4, ("District No. 1-4") as required pursuant to Minnesota Statutes, Section <br /> 469.175, Subdivision 3 are as follows: <br /> 1. Finding that District No. 1-4 is an "economic development district"as defined in Minnesota Statutes, Section <br /> 469.174, Subdivision 12. <br /> Tax Increment Financing District No. 1-4 is a contiguous geographic area within the City's Development <br /> District No. 1,delineated in the Plan,for the purpose of financing economic development in the City through <br /> the use of tax increment. District No. 1-4 consists of a portion of the City's Development District No. 1 not <br /> meeting the requirements for other types of tax increment financing districts, which is in the public interest <br /> because it will discourage commerce, industry, or manufacturing from moving their operations to another <br /> state or municipality;it will result in increased employment in the state, and it will result in preservation and <br /> enhancement of the tax base of the state. <br /> 2. Finding that the proposed development, in the opinion of the Council, would not occur solely through <br /> private investment within the reasonably foreseeable fieture and that the increased market value of the site <br /> that could reasonably be expected to occur without the use of tax increment financing would be less than <br /> the increase in the market value estimated to result from the proposed development after subtracting the <br /> present value of the projected tax increments for the maximum duration of the district permitted by the plan. <br /> Due to the high cost of development on the parcel and the cost of financing the proposed improvements,this <br /> project is feasible only through assistance, in part, from tax increment financing. <br /> A comparative analysis of estimated market values both with and without establishment of Tax Increment <br /> Financing District No. 1-4 and the use of tax increments has been performed as described above. If all <br /> development which is proposed to assisted with tax increment were to occur in District No. 1-4, the total <br /> increased market value would be up to $450,000. The present value of the tax increments from Tax <br /> Increment Financing District No. 1-4 is estimated to he $98,852. It is the Council's finding that no <br /> development with a market value of greater than $350,936;would occur without tax increment assistance in <br /> this district within 11 years. This finding is based upon evidence from general past experience with the high <br /> cost of acquisition and site improvements in the general area of District No. 1-4 (See Cashflow in Appendix <br /> C in the Tax Increment Financing Plan for District No. 1-4). <br /> 3. Finding that District No. 1-4 conforms to the general plan for the development or redevelopment of the <br /> municipality as a whole. <br /> The Plan was reviewed by the Planning Commission on September 16, 1997. The Planning Commission <br /> found that the Plan conforms to the general development plan of the City. <br /> 4. Finding that the Tax Increment Financing Plan for District No. 1-4 will afford maximum opportunity, <br /> consistent with the sound needs of the City as a whole,for the development of Development District No. 1 <br /> by private enterprise. <br /> The project to be assisted by District No. 1-4 will result in increased employment in the City and the State <br /> of Minnesota and increased tax base of the State, and will add a high quality development to the City. <br /> �� . N:\MINNSOTA\PEOUOTLK\TIFI-4\CITY.RES <br />
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