Loading...
HomeMy WebLinkAboutResolution - 82-262 - Establishing Tax Increment District No. 3 - 11/16/1982 CITY OF EDEN PRAIRIE COUNTY OF HENNEPIN STATE OF MINNESOTA RESOLUTION NO. 82-262 RESOLUTION PROVIDING FOR ESTABLISHMENT OF PROPOSED TAX INCREMENT DISTRICT NO. 3 AND THE ADOPTION OF A TAX INCREMENT FINANCING PLAN RELATING THERETO BE IT RESOLVED by the City Council (the "Council " ) of the City of Eden Prairie, Minnesota (the "City" ) , as follows : Section 1. Recitals . 1 . 01 It has been proposed that the City establish an additional tax increment district within Development District No. 1 and adopt a tax increment financing plan relating thereto, all Pursuant to Minnesota_ Statutes , Sections 273. 71 to 273. 78, inclusive, as amended. 1. 02 . This Council has caused to be prepared, and has investigated the facts with respect thereto, a proposed Tax Increment Financing Plan for a proposed Tax Increment District No. 3. 1. 03. The City has performed all actions required by law to be performed prior to the establishemnt of Tax Increment Distirct No. 3 and the adoption of the Tax Increment Financing Plan for Tax Increment District No . 3, including, but not limited to, consultations or the opportunity for consultations with Hennepin County and the School Dis- tricts having taxing ,jurisdiction over the property proposed to be in- cluded in Tax Increment District No. 3, and the holding of a public hearing upon published and i;iai 1 ed notice as required by law. 1. 04. The Council hereby determines that it is necessary and in the best interests of the City at this time to establish Tax Increment District No. 3 and to adopt the Tax Increment Financing Plan relating thereto . Section 2. Findings Concerning Establishment of Tax Increment District No. 3. 2 .01 . The Council hereby finds , determines and declares that Tax Increment District No. 3 constitutues a "tax increment financing district, " as defined in Minnesota Statutes , Section 273. 73 , Subdi - vision 9, and further constitutes an "economic development district, " as defined in Minnesota Statutes , Section 273. 73, Subdivision 12 . i 2 - 2. 02 . The Council further finds , declares and determines that Tax Increment District No. 3 does not meet the requirements found in the definition of redevelopment district or housing district, as defined in Minnesota Statutes , Section 273. 73, Subdivisions 10 and 11 , respectively, but is in the public interest, thereby qualifying it as an economic de- velopment district. 2.03. The Council further finds , determines and declares that the development presently occurring for which tax increments from Tax Incre- ment District No. 3 will be used, in the opinion of the Council would not have occurred solely through private investment within the reasonably fore- seeable future and, therefore, the use of tax increment financing is deemed necessary; that the Tax Increment Financing Plan for Tax Increment District No 3 conforms to the general plan for the development of the City as a whole; and wi 1 1 afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Development Dis- trict by private enterprise. 2. 04. The Council further finds , determines and declares 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. 2. 05 . Under and pursuant to Minnesota Statutes , Sections 273 . 71 to 273. 78, inclusive, as amended, Tax Increment District No . 3 is hereby established in and for the City . The property included in Tax Increment District No. 3 shall be the property described in the Tax Increment Fi- nancing Plan for Tax Increment District No. 3, adopted in Section 3 hereof. Section 3. Adoption of Tax Increment Financing Plan for Tax Incre_= District No. 3. 3. 01 . The Tax Increment Financing Plan for Tax Increment Distict No. 3 is hereby approved and adopted in the form attached as Exhibit B hereto, and shall be placed on file in the Office of the Finance Director- Clerk. Section 4. Im lementa_tion of Tax Inc_r_ement Financing Plan for Tax Increment District No. 3. 4. 01. The officers of the City , the City ' s financial advisor and the City ' s legal counsel and bond counsel are authorized and directed to proceed with the implementation of Tax Increment Financing Plan for Tax Increment District No . 3 and for this purpose to negotiate, draft, pre- pare and present to this Council for its consideration all further plans , resolutions , documents and contracts necessary for this purpose. Section 5. Certificate of Assessed Value. 5. 01. The County Auditor of Hennepin County (the "Auditor") is hereby requested to certify the original assessed value of all real prop- erty as described in the Tax Increment Financing Plan for Tax Increment. - 3 - a District No . 3, as of January 2, 1982, and each year hereafter to certify the amount by which the assessed value has increased or decreased from the assessed value of January 2, 1982. Each year the Auditor shall also add to the original assessed value of Tax Increment District No. 3 an amount equal to she original assessed value for the preceding year multiplied by the average percentage increase in the assessed valuation of all property included in Tax Increment District No. 3 during the five years prior to certification of Tax Increment District No. 3, and also to certify the proportion which any such increase or decrease bears to the total assessed value for the real property in Tax Increment District No. 3 for that year and to remit to the City of Eden Prairie each year, commencing in 198-5 and ending in 1992 that porportion of all taxes paid that year on real property in Tax Increment District No. 3 which the captured assessed value bears to the total current assessed value, all pursuant to Minnesota Statutes, Section 273. 76, Subd. 1 , as amended. r ; � ror ATTEST: 'F na Director-Clerk f 177(iUfl • r 4, 2 j P r: Cvn,iw.ivd fui,ni front `45) o,,the !. A bA,I!cis f- a Slip to :;.c re.�!ricti(.iis 15,101 to EDEN Fli,.AD�H: iN!.1�:Il�:,;.1',.NT SL')jri0L D 1�I'l�I No. 2,7 2' set ft­ Ll�e of Nu !i;Ll :C ported 1,.,-Itting 5,180 to of 1"':r!" (1::'s 1.1,31 t:x date 1171'2 t t'SC, for tl e ir l7�v! bids. 2,602; n.nd voted yes On Zi bon- P,,VV; k TO !'.Ill dino alitharity 5,457 to 2,531. Ul rr�­*-.nril, L'N i A M T-don Prairie had 2 5 ee 'rnv -.I tr.and f U r"I'ar r'—!'I, 1� AL ,voters; P32 cithers rk,;Tistertld at the No.Z,`Z,F1_11 V C.,:1.,-a f-d tald,I- all IL: to A,:rd In the Lestu.*.e r of t�-,e Ci- polls Tuefc):jy in 2 (.tt'r tl11r'l1(lUt close IK- ty• to what lead been ]-,;a" V.cw 1, MI.-)- be to: 0; ,cr_c,ta A.H t-e :--n fit I:i* P M. an CI!} C.! and 5)_au ZZ!VC tn- el Uxrton: No% Diro^fnr S_ ­01 P_ud, bile, FOR 0.)1.z,1-F.LVFJ0.N ("I !1 -2 I:)d r­�.d LHS CIA:SE.: 10:00 A M., a,lud. 1l,­4fl5 On X P: 'L:."DUM 110'S ith the -i 1 E CITY C� C II. 6 Y 0 fw OF ("A-t hc��ortlnncc .,,-;n Ar-CL.m.p"nYing the CITY OF L!"EN P.-L1.1il1f, t,"t. c:c F!�_,flj be in Pu',l L%h,d in fie l FJ t-n Prairie News 0-ot--r 21,'M nle first iner-lting of 101-ic ne,,�-ly for-in No oral, to.-- or it:. d N r:I L,-r 4, ed Su1jux-M.n National F.-ink V(ilture id2cr%4!1: Out Club was held on, WeJj),_�sday last week. The rneeting was held in the fold ire orl file at the office of Eden Prairie CoirLmunity Center's I-es ft V'ie dlstrx-t Of- (official 1"uhlication 1-14-6) fice looted in E,Ln Eden Prairie School District No.172 rn L:e t ing room. The of District School Fc,:,rd Mevtmg Robert Provost, president of the No. 772, F,Ien Pr;3irie, Mir,,, ,%ta. reserves the Cictc-ber 7,M2 r!Fl.t to acce;)t a,�) Did or to-E jt-C'k1l)07 ailor A meeting of the I:­,de;l­:),'enl S Minnesota Insurance lrifoi-rna,Lion parts of such bids, and wzJile or it-- rIlcn Prai,w S, dE ard, Aas lie!e!L):,the 7'.h Center, spoke to club In h1,!-1.rIg. of at 7-M P.M.I,,,,U;v So:rd R(.,fll lJ No bidder niay its Lid AiI.Ln'Lhirly t30) tic Adin!iji,tr:!*,;%e Ser;ic" Bu;I-.';ng,. All 11­rt! Provost felt that the retired person, days after the lime of t;x!ning bids rnci%t<-,s except Mr. 1abbcn and Mr. FrivdtrlLtl.; or the person prei)ari.ng for retire- without IL,e coI,_svjiL of lnd,ircnd_nt S,,hlol District Here present. ment, should always h-ve the word No 2,2, Eden pri-tirle the 1 INT)EPWNDFNT SI-11001- DISTRIL71- NO. M, Cl1RnSLf;e-d and ail.-nini!-t ati-e,'!z qwrvisory ,i enjoy" uy.purirjost iji the;, Lhi,iking. Kl11_:N TE no-1 rt-porLs. Ile suggested that an invcritury shu,,ad K'_­1'NEl1i.N COUNTY Dr. l.)ric,!al, Ctntral Middle S,,:h-,ol prin,.-:pal, Jo W',,en. Clerk and Mr. Jvh:,,c�on, Huth School princi;�al revie-ti be. taker. of one's Collection of ilem s iii the Kden Prairie News November 4 vlh,�s siies Pt txath s(h:xils. through the years. A n t that tile, a deci- and 11, 19a2) A inotion passed to aci.ept a gift of snow sl­S from life Cahill Citizt�ns' Coriiiiuni,2zinr. sion shcoild be made those tee for uc ♦ by !ht, sludents at Chill items will be used, or if their children School. %voidd want thein, zind if neither of the A inotv,n to authorize Joseph H'i-on,ii above mentioned is true, then he sug- i(iffficial 1 ubiciition VM) grader res)djrjp in F.den llra!rie sc!jt-oi district TO attend the RIOWTmrton school dtsLrict No, 171 fur gests;one should get rid of those iterns- PUBIJC W0FKS IMI-; the 1.i.3'_,-F.3 year. .t0vF-1,lij_-1,'T tX)N'TRAUT A r.r-lion to zqq,rove the:case agreenicn, -use the inoney paid from disp-Dsing of 51-NheA-2 Aith the Y.MCA. Sout!r!aie :',ranch, for, thein-and "enjoy." Pf�_URIE('FNTER fl-UVF-104INTF_R(1T_ALNGE I-AtCh KC) SC.-VIL'es in the ivest portion of Bids C*Icj-,,,c: 10:00 Nv%en,,'-er 11, ininis1r;ition huilding. Provost spoke at-lout cliclosirir a sup- 11,82 144 A niotiun to authorize ;idministraGorl to pleinerital licalth insurZince and the Eden Pritirie, Mu.i;vsola 5,�_Telephone: 9-17-='62 seek quo%itinn-s for updating the school district's necessity of not having more in- A.DVEji*rU-.i-:M;_-:NT FUR BIDS energy audit. surance than the person need-s.lie rug'- City of Eden Fraine,Mir-nesota A motion pa-"t-d to ailthUriZiEl the 0,cl-ber 1',,t ved, levy, for the )!;-11-84 _schfx)I year in the arnct,rit of Bested that a further program for the , -Ce jS J,e.�VLy given bli'­S%A',',I Ile reCIC 89. ol;,-It-d ai-A rri.�W-l-,at W 1-0 A V,,on Ncvi in 1,er A In,-lion to auh,,ri;A- the e•.;,.:rvl.iture of club could consist of a Complete ex- 11, 15 2 in tj,e I,rc cn,to of 1-1,e city C'l.-rk and City �jpprcxjm;jh"y $lh,01KI from th, fund. planation of Nledicare arld Med"waid. Frl�,,.-,ver in Llie Ci.� ijidl, EdenPrairie Fxad, F&n P-.,irie, for CL'�l'tMICUL)n Of hJ;­4r!wd at 9:42 p m. The irnpurtzincc c:f c;iLilogirig one's Dt-ded in:n.utv�are street ii.ld ill'�Wmy btl.49vs,Slorm rice,-8,11W S(N-1 Ruzid personal po!lsessions was stressed. In sewer 1;)d L1,111tics• i flubh,lied in the Eden Prairie News Nove:iltwr 4, the event of loss of these possessions, Plans, prop-,-a fonns and con- truct docui;,ents as pritparud by bjjW, Inc.. Con- one could have a complete record to suiting En,::ncers, '_1219 UroversiLy Avenue use as a referral for insLLrance pur- Southeii_-d, Miiawsnts 5&414, may be sk-vn at Vie Eni,;u,c-r*s uIficv and at the City HAU- po%es. 11,c major IteriLs of work and approximate quart (Official publication 2A421 Provost had many thotlgh'.s for the ti'.;t%will I INU110E UF PUM-1C 10:�%jilNG • retired person. Many rewarding hours 1.Concrete b.id�r,3 ZZIO�j5q.ft surface area CITY OF FI)KNI PRAIRIE qjt..jjni;,,.u%lliN ement 23,402 tori MUNTY OF HE',NEPIN Can be achieved by porticipation in an Concrete Pavement 22.CKYj sq.yd. %-TAIK OF MINNV.�-;OTA illvest�llcllt Club, co!lc�-iion, and trips. Fickivataxi Vr_4,30 cu.yd. NOTI CT IS 11 V KF:H Y G I V K';'_1-,�the C,,:)C-1ii r.i,3 3&t, 19,179 cu,yd. ei] (the cf 01'. Of\ M i.-ri i If it per,�,jil is a co!lcclor, Prl:)vost �4,!�ttar, Se�A er 13,375!1-1 ft. 10L:it the vz,luel of d for W r lei, 1­72, h t that collecliun I Kjiown. RL Ole Cl(,, ­un,11(.'1­-I:'­l­S.;iI Cz., I, at 'Lol)of tlw 01 the L All cu-stoiners of Suburb.-tri National bid, ma(le 1,,,)�,Wc to the 4.'114 Of I'l-len PrPiric, Road, Y&-fi Pf.. je, MI:llwsoth, _-`.,i1Jl Of Fidel: sTi-Jific:i1tion by Cie C,.L:r.cil of 0w Bank who are age 55 -and older iire 1,141-1r, Main,." (or ."ItIL, ifs J.,4o..,i,tcd if Vie qualified for inci-.i1>e.-ship in the Ven- bi,!,wr,u;-lnt!,c Ir-ing Ll'thc­rAlk-1 fail to cn:tr into Vw cont,atcl sz,let. tLjrC 011t 01.11). 71le Club Will 1>12 11,11d;11 P, 'SLI 1:19, u.C. I'lLt';�^&I S.,tivm 2--0 71 to �7;3 73, ii—ItLm,e, inectinj,,s on a is. The club C Jlt. d' 1A (lily of tfIl"r"ird. 'Mc ki,ri!1A Ls iii!-­ P'.IoLi lu'd S l—�jli C:,: :raywill abet Ile UAJ11)" trips "llid (lave the thrill".wil 01V _n.-er eS*_41l',1,!%I1l,.l1t if—1 hx Irl,-r .1ne'll r 1 opportunity to 1,!,) 01 Il liars h ;1!`Llj.Wd T.,x 1;,.:C::,,fit Vl­xrw ::,; I`..c,I'll cfl�, 1.11 %01l I.-I li,1­1 re:t;f r,of It.crirn,rist lsiilri-1 N,, .1.- -P,,,M -Y 15) file ;,rid 'ic i EXHIBIT A TO RESOLUTION 82-262 Reasons and Facts Supporting Findings for Establishment of Proposed Tax Increment District No. 3 and the Adoption of a Tax Increment Financing Plan Relating Thereto As Set Forth in Section 2 of Resolution 82-262 BACKGROUND AND SUMMARY OF EVIDENCE y The City Council. adopted Development District No . 1 and Tax Increment Financing Plan for an Economic Development District on September 22 , 1981 . Thereafter, on March 30 , 1982 , the City Council adopted Amended Development District No. 1 Program and Tax Increment Financing Plans for the City of Eden Prairie , Minnesota. The latter included Tax Increment District No. 1 and Tax Increment District No. 2 . Adoption of the Developmert District No. 1 and lax Increment Financing Plan for an Economic Development District on September 22 , 1981. , was preceded by a hearing thereon held on September 15 , 1981 . At the hearing extensive evidence in the form -of documents , memoranda, reports and oral testimony was introduced , all of which is set forth in minutes of the meeting of the City Council held on September 15 , 1981 . The evidence introduced and as described in the minutes of September 15 , 1981 , is made a part of the record in these proceedings . Also made a part of the record in these proceedings are the notice of the public hearing; minutes of meetings of the City Council held on September 22, 1982 , and March 30, 1982 ; minutes of a meeting of the City ' s Planning Commission on March 29 , 1982 ; two memoranda by Eugene A. Dietz , Director of Public Works , dated November 16 , 1982 , addressed to the mayor. and City _ouncil ; a letter dated October 15 , 1982 , addressed to Mr. John Lobbon , Chairman of the Board, Eden Prairie School District No . 272 ; a letter dated October 15 , 1982 , addressed to Mr. Norm Friederichs , Chairman of the Board, Joint Independent School District No. 287 ; a letter dated October 15 , 1982 , addressed to Mr. John Derus , Chairman of the Hennepin County Board of Commissioners , and a letter dated November 2 , 1982 , from K. Mitchell , Clerk of the Board of the Hennepin Country Commissioners , addressed to Carl Y Jullie , City of Eden Prairie. Summary of portions of the evidence contained in the record relevant to the findings contained in Section 2 follows . The project for Tax Increment Financing Plan for Tax Increment District No. 3 is described as the " Development Program" in the Amended Development District No. 1 Program and Tax Increment Financing Plans for the City of Eden Prairie , Minnesota , dated March 30 , 1982 . The geographic area of *he Projei- is described in the Development Program. Tax Increment Distract No . 3 consists of Lot 1 , Block 1 , Edenvale 4th Addition. Eugene A. Dietz , Director of Public Works for the City has provided a memorandum demonstrating that Lot 1 , Block 1 , Edenvale 4th Addition is situated within the geographical area of the Project. The Development Program describes the use of tax increments as including payment of principal and interest on the bonds issued to finance a project. In his memorandum dated July 7 , 1981 , Chris Enger , Director of Planning of the City , stated that the concept of a Ring Road in the major center area was adopted in the City ' s first Comprehensive Guide Plan in 1968 which was further refined in 1973 as part of the major center area planned unit development. Mr . Enger noted that regional y; office and coiruilercial development- has been stifled by the lack of a good regional access . He also stated that if congestion can be reduced and access improved .in the major center area, rapid growth will result in the traditionally established pattern of development following roads . If access cannot be improved , growth will stagnate as more accessible commercial areas retain a competitive advantage over the City. In a letter dated September 18 , 1981 , Eden Prairie Chamber of Commerce stated that it views the project as necessary to the growth and development of the City in general .and of the major center area in particular. In a letter dated September 14 , 1981 , Ron Wesley . Center manager for Homart Development Co. , stated that since the opening of highway improvements in November , 1979 , consisting of Highway 169/212 south exit ramp from I-494 westward , traffic move- ments have steadily increased. Also during this period of time the Eden Prairie Center ' s occupancy levels , that is the number of merchants, have also increased. At the public hearing conducted by the City 1 Council on September 15 , 1981 , on the matter of Development District No. 1 and Economic Development District and Tax Increment Financing Plan, Robert Boblett , a real estate expert , testified that he does not believe Eden Prairie is experiencing the degree of development which should be expected and that can be ascribed to troublesome egress and ingress . He believes the Project ought to be of relief to the bottle- necking of access to the major center area and that it will open up the area to development. He believes it will. result in substantial construction velocity , all of which will amount to appreciation of the value of the land which will increase taxes . He stated that the Project will result in the preservation and enhancement of the tat base in Eden Prairie that in connection with jobs the Plan { would be to the City ' s benefit and that the Plan would discourage commerce , industry or manufacturing from moving their operations to another state . lie stated the plan is an cconoinic good for the Ci tv . Eugene A. Dietz , Director of Public Works , in a memorandum dated November 16 , 1982 , stated that the parcel constituting Lot 1 , Block 1 , Edenvale 4th Addition is partly occupied by a partially completed building now under construction. The partially constructed building is not structurally substandard and does not require renovation or r clearance. The parcel is not in a condition having unusual terrain or soil deficiencies requiring substantial filling , grading or other physical preparation for use and at least 80 percent of the parcel does not have a fair market value which when added to the estimated cost of preparing the parcel for development , excluding costs relating to roads and local improvements , exceeds its anticipated fair market value after completion of the preparation. He also states the parcel does not consist of air rights over a public street or i highway or of rail yards, rail storage facilities or railroad rights- of-way. Carl Jullie , City Manager, formerly Director of Public Works , .stated that while improvements in the Project have been contemplated at least since the early 1970s and efforts have been made to construct the improvements through the local improvement special assessment to benefitted lands procedure or through other private investment alter- natives, accomplishing this objective has met with only limited success with respect to a small part of the project. The building of roads , bridges , underpasses and other major highway improvements has not historically been within the capability of private investment and there is no indication in the light of present economic conditions that private investment could in the reasonably foreseeable future cause _he improvements i*n the Project to be made. At its meeting on August 24 , 1981 , the Planting Commission found that the Tax Increment Financing Plan conforms to the general plan for the development of the municipality as a whole and at its meeting- on March 29 , 1982 , the Planning Commission in reviewing the proposed Amended Development District No. 1 Program and Tax Increment Financing Plans dated March 30 , 1982 , found that the Plan conforms Y to the general plan for the development of the municipality as a whole. A memorandum by City Assessor, Bob Martz , dated July 7 , 1981 , reflects the valuation for general advalorem taxes of real property within the major center_ area has been reduced in the following amounts for the following owners during the following periods : Sears Roebuck & Co. 1977-1980 $4 , 471 , 000 Homart Shopping Center_ .1978- 1980 $7 , 979 , 400 Powers Department Store 1977 and 1978 $4 , 720 , 000 A report from Jack Hacking dated September 8 , 1981 , to Carl Jullie setting forth accident information in the major center area indicates that during the period 1975-1981 a total of 680 accidents occurred in the area resulting in 274 injuries and 7 fatalities . Based upon the evidence and the record the Council sets forth its further specific reasons and facts supporting its findings as follows ; I. Y The Tax Increment Financing District No. 3 (the " District" ) contained in the Tax Increment Financing Plan for Tax Increment District No. 3 ( "the Plan" ) consists of Lot 1 , Block 1 , Edenva.le 4th Addition (the "Parcel" ) , as set forth in paragraph C of the Plan . lI . The project described in the Plan is that set forth in the Development Program (Amended Development District No. 1 Prograut dated March 30 , 1982 ) referred to in the Plan. . The project consists of public improvements including roads , grading , curb and gutter , storm drainage , utilities , sidewalks, bituminous surfacing , traffic signals , underpass and ramps , all as more fully described in the Development Program ( the "Project" ) . The geographic area of the Project is described in the Development Program at pages 2-11C through 2-11F, the boundaries of which are further delineated on a map at page 2-11G. The Parcel is wholly contained within the geographic area of the Project . III . Tax increments from the District will be used among other purposes to pay the principal and interest on the bonds issued or to be issued to finance the Project. Construction of the Project will reduce traffic congestion and provide better access to lands within the Project geographic area which will result in the development of such lands ? the con- struction of buildings thereon , the increase of business and commerce and the increase in jobs as a result thereof_ , all of which will contribute to economic growth and development in the City. V. The District is , therefore , a tax increment financing district as defined by Minnesota Statutes, Section 273 . 73 , Subd. 4. VI. The Project, being one for the improvement of roads within its geographic area, is not intended for occupancy by persons or families of low and moderate income as defined in those acts and laws referred to in Minnesota Statutes Section 273. 73 , Subd. 11 , and is not a housing district as defined therein. VII . The Parcel is partly occupied by a partially erected building or improvement now under construction. The partially constructed building is not structurally substandard and does not require renovation or clearance. VIII . J The Parcel is not in a condition having unusual terrain or soil deficiencies requiring substantial filling , grading or other physical preparation for use . At least 80 percent of the Parcel does not have a fair market value which, when added to the estimated cost of preparing the Parcel for development excluding costs related to roads and local_ improvements , if any , exceeds its anticipated fair market value after completion of such preparation. IX. " The parcel does not consist of air rights over a public street , highway or right-of-way. X. The parcel does not consist of used rail yards , rail storage facilities or excessive or vacated railroad rights-of-way. XI . The District is not a redevelopment district as defined in Minnesota Statutes Section 273. 73 , Subd. 10. XII . The Project which will be financed in part from the tax increments from the District will (a) discourage commerce , industry or manufacturing from moving their operations to another state; (b) result in increased employment in the City ; and (c) result in preservation and enhancement of the tax base of the City and is therefore in the public interest. XIII . The District is an economic development district within the meaning of Minnesota Statutes Section 273. 73 , Subd. 12 . XIV. The improvements in the Project have been contemplated since the early 1970s . While efforts were made to construct the improvements through the local improvement special assessment -moo benefitted lands procedure or through other private ' investment alternatives , doing so has met with only limited success as to a small part of the project. Furthermore , the building of roads , bridges , underpasses and other rnajor highway improvements has not historically been within the capability of private investment . There is no indication in the light of present economic conditions that private investment could in the reasonably foreseeable future cause the improvements in the Project to be made. For these reasons ' the use of tax increment financing for construction of the Project t is deemed necessary. XV. The Project and the improvements within its geographic area have been reviewed by the City ' s Planninq Commission prior to the adoption of the Development Program and were found to conform to the City ' s general plan for its development as a whole. XVI . The construction of the Project will reduce congestion and enhance access to private lands within the Project ' s geographic area and will thereby encourage and afford development of the lands within the Project ' s geographic area by private enterprise .