HomeMy WebLinkAbout2014-127 RESOLUTION NO. 2014-127
A RESOLUTION AUTHORIZING AN EXPENDITURE
FROM FINANCING DISTRICT NO. 10
FOR PARKING LOT IMPROVEMENTS
PROJECT NO. 2012-06C
WHEREAS, in order to achieve the objectives of the plan and the program for the
District, the City has considered whether to install a project that has been envisioned by the plan
that will ultimately benefit the economy of the City by increasing parking opportunities and
enhancing the tax base of the City; and
WHEREAS, that development or redevelopment of parking lots, in the opinion of the
City, would not reasonably be expected to occur solely through private investment within the
reasonable foreseeable future and, therefore, the use of tax increment is deemed necessary since
the adjacent owners could not construct the improvements without the use of tax increments to
assist with the financing of the public improvements; and
WHEREAS, the tax increment assistance will afford maximum opportunity, consistent
with the sound needs of the City as a whole, for the development by private enterprise of
adjacent properties as it will enable the City to provide parking and pedestrian support for private
development; thereby encouraging redevelopment in the area; and
WHEREAS, the tax increment assistance conforms to the general plan for the
development of the City as a whole as it will result in the new construction of needed parking
facilities.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. That the Finance Director of the City is authorized and directed to pay over
$170,000 from the District to fund parking, sidewalk and soil correction portions
of Project 2012-06C approved by the City Council and to take the action
necessary to accomplish this payment.
Enacted by the City Council of the City of Stillwater this 29th dam . • y, 2014.
Ken 5e4eCki, Mayor
-"TT ST:
Diane F. Ward, City Clerk