HomeMy WebLinkAbout88-167 - ADMIN Resolution - City Council - 1988/11/07It •
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EXHIBIT A TO RESOLUTION NO. 88-167
The reasons and facts supporting the findings for Tax Increment Financing
District No. 85-1 as required pursuant to Minnesota Statutes, Section 469.175,
Subdivision 3 are as follows:
1. Finding that Tax Increment Financing District No. 85-1 is a "redevelopment
district" as defined in Minnesota Statutes, Section 469.174, Subdivision 19.
Please refer to the "Basis for Findings" section of the Modified Tax
Increment Financing Plan for Tax Increment Financing District No. 85-1.
2. Finding that the proposed development, in the opinion of the Council, would
not occur solely through private investment within the reasonable foreseeable
future and, therefore, the use of tax increment financing is deemed necessary.
City staff has reviewed the available financing costs for the development.
Due to the high costs of the public improvements, the project would not be
financially feasible without the City's assistance.
3. Finding that the Tax Increment Financing Plan conforms to the general plan
for the development or redevelopment of the municipality as a whole.
Saint Louis Park Planning Commission reviewed the Tax Increment
Financing Plan for Tax Increment Financing District No. 85-1 on
NnvPmhPr 7 , 1988 and determined that the Modified Tax Increment
Financing Plan for Tax Increment Financing District No. 85-1 conforms to the
comprehensive plan of the City.
In addition, the Comprehensive Plan of the City has been reviewed by the
Metropolitan Council on may 1983 , pursuant to Minnesota Statutes, Section
473.175.
4. Finding that the Modified Tax Increment Financing Plan for Tax Increment
Financing District No. 85-1 will afford maximum opportunity, consistent with the
sound needs of the City as a whole, for the development of the Highway 7
Development District by private enterprise.
Please refer to the "Private Developments" section of the Modified Tax
Increment Financing Plan for Tax Increment Financing District No. 85-1.
5. Finding regarding the method of tax increment computation set forth in
Minnesota Statutes, Section 469.177, Subdivision 3, Clause (b), if applicable.
The Council does not elect the method of tax increment computation set
forth in Minnesota Statutes, Section 469.177, Subdivision 3, Clause (b).
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