City Council Resolution 1993-12 ExhibitEXHIBIT A TO RESOLUTION NO. 93-~a
The reasons and facts supporting the findings for the establishment of
the Tax Increment Financing Plan for Tax Increment Financing District
No. 1-15 as required, pursuant to Minnesota Statutes, Section 469.175, Subd.
3, are as follows:
1) Finding that Tax Increment Financing District No. 1-15 is an
"Economic Development District" as defined in Minnesota Statutes,
Section 469.174, Subd. 12.
Tax Increment Financing District No. 1-15 consists of one parcel which
does not meet the requirements of a redevelopment district, mined
underground space development district, housing district or soils
correction district. The Authority and the City find Tax Increment
Financing District No. 1-15 to be in the public interest because:
1) It will discourage commerce, industry, or manufacturing from
moving their operations to another state; and
2) It will result in increased employment in the municipality; and
3) It will result in the preservation and enhancement of the tax base
of the municipality.
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 site development, the project
would not be financially feasible without the City's assistance.
3) Finding that the Tax Increment Financing Plan for Tax Increment
Financing District No. 1-15 will afford maximum opportunity,
consistent with the sound needs of the City as a whole, for the
development of Redevelopment Project No. 1 by private enterprise.
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to Resolution 93-12
ie project to be developed, which will be located within Tax
crement Financing District No. 1-15, consists of an 9,320 square foot
office/manufacturing facility. This facility is to be constructed in the
summer of 1993 and completed by January 2, 1994. The company
currently employs 11 people. It is anticipated that 2-3 additional full-
time positions will be created as a result of this project.
4) Finding regarding the method of tax increment computation set forth in
Minnesota Statutes, Section 469.177, Subd. 3, Clause (b), if applicable.
The Council does not elect the method of tax increment computation set
forth in Minnesota Statutes, Section 469.177, Subd. 3, Clause (b).
5) Finding regarding duration of Tax Increment Financing District No.
1-15.
The duration of Tax Increment Financing District No. 1-15 will be
eight (8) years from the date of receipt of the first tax increment or ten
(10) years from the original approval of the Tax Increment Financing
Plan, whichever is less. Pursuant, to Minnesota Statutes, Section
469.177, Subd. 3, the City requests 100 percent of the available
increase in assessed value for current expenditures.
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