HomeMy WebLinkAbout7837 (Res.)
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2.02. The Council further finds that the proposed development, in the
opinion of the Council, would not occur solely through private investment within
the reasonably foreseeable future and, therefore, the use of tax increment
financing is deemed necessary; that the Modified Tax Increment Financing Pl8.n
conforms to the general plan for the development or redevelopment of the City as
a whole; and that the Modified Tax Increment Financing Plan will afford maximum
opportunity consistent with the sound needs of the City as a whole, for the
development of Tax Increment Financing District No.1 by private enterprise.
2.03. The Council further finds, declares and determines that the City
made the above findings stated in Section 2 and has set forth the reasons and
supporting facts for each determination in writing, attached hereto as Exhibit A.
Section 3.
Approval of the Modified Tax Increment Financing Plan.
3.01. The Modified Tax Increment Financing Plan for Tax Increment
Financing District No.1 is hereby approved and adopted and shall be placed on file
in the office of the Clerk.
3.02. The City staff of the City, the City's advisors and legal counsel are
authorized and directed to proceed with the implementation of the Modified Tax
Increment Financing Plan and for this purpose to negotiate, draft, prepare and
present to this Council for its consideration all further plans, resolutions,
documents and contracts necessary for this purpose.
The motion for the adoption of the. foregoing resolution was duly seconded'"
by Councilmember . Rodlovick ~ and lli?on vote being taken
thereon, the 'following voted in favor thereof:
A 11 present.
and the following voted against the same: None
Dated: November 3, 1987
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