05.02 - Tax Increment Financing Project - Lonesome Cottage

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Development Program therefor. The boundaries of Development District No. 1 are being expanded to include any property previously annexed into the City. The boundaries of Development District No. 1 shall be coterminous with the corporate boundaries of the City of Pequot Lakes. Section 2. Findings for the Adoption and Approval of the Program Modification and TIF Plan 2.01. The Council hereby finds that the Program Modification and TIF 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 Modification and TIF Plan,which are hereby incorporated herein. Section 3. Findings for the Establishment of Tax Increment Financing District No. 1-13 3.01. The Council hereby finds that the District 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 of 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 the District permitted by the Tax Increment Financing Plan, that the Program Modification and TIF Plan conform to the general plan for the development or redevelopment of the City as a whole; and that the Program Modification and TIF Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the redevelopment or development of the District by private enterprise. 3.03. 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. Public Purpose. 4.01. The adoption of the Program Modification and TIF Plan conforms in all respects to the requirements of the Act and will help discourage commerce, industry, or manufacturing from moving their operations to another state or municipality,will result in increased employment in the state, and will result in preservation and enhancement of the tax base of the State and thereby serves a public purpose. For the reasons described in Exhibit A, the City believes these benefits directly derive from the tax increment assistance provided under the Plan. The developer will receive only the assistance needed to make this development financially feasible. As such, any private benefits received by the developer are incidental and do not outweigh the primary public benefits. Section 5. Approval and Adoption of the Program Modification and TIF Plan. 5.01. The Program Modification and TIF Plan, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved,ratified,established,and adopted and shall be placed on file in the office of the City Clerk. 5.02. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Program Modification and TIF 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.