Resolution 95-02 - Laserfiche WebLink

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(c) In the absence of tax increment financing, the City expects that the property in the District would continue to be underutilized and undeveloped for some time. Tax increment financing will be used to pay costs incurred to create the Pequot Lakes Industrial Park. (d) Additional reasons and support for the use of tax increment financing have been provided by Electro Mechanical Industries, Inc. and/or their representative. 3. Conformity to General Plan. The City has found that the District conforms to the general plan for the development or redevelopment of the City as a whole. The reasons and supporting facts for this determination are as follows: (a) The City's Planning and Zoning Commission has found the Program and Plan to be consistent with the plans for development of Pequot Lakes. 4. Private Enterprise. The City has found that the tax increment financing plan for the District will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the project by private enterprise. The reasons and supporting facts for this determination are as follows: (a) The sound needs of the City as a whole includes creation of the Pequot Lakes Industrial Park and District resulting in the provision of new tax base and jobs. The tax increment financing plan for the District promotes possibilities for successfully achieving these objectives. (b) Private enterprise will develop the project with tax increment assistance and would not do so now or to the same extent without tax increment assistance. 5. No Fiscal Disparities Election. The City has found that the election of tax increment computation under the fiscal disparities law is not applicable. The reasons and supporting facts for this determination are as follows: (a) The City is in Crow Wing County, and the fiscal disparities provisions of Minnesota Statutes, Chapter 473F, are not applicable to this County.