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03/24/2015 Resolutions 2015-84 RESOLUTION 2015-84 WHEREAS, the City of Grand Island,Nebraska,a municipal corporation and city of the first class,has determined it be desirable to undertake and carry out ufban redevelopment projects in areas of the City which are determined to be substandard and blighted and in need of redevelopment; and WHEREAS,the Nebraska Community Development Law,Chapter 18,Article 21,Nebraska Reissue Revised Statutes of 2007, as amended (the "Act"), prescribes the requirements and procedures for the planning and implementation of redevelopment t arid projects; 1 `d r r W �REAS, the City has previously declared Redevelopment Area No. 2 of the City to be substandard and blighted and in need of redevelopment t p isaa. t 10 -the Act, and WHEREAS,the Cornmunily Redevelopment Authorn y of the City of Grand Island,and,Nebraska (the "Authority"), has prepared a Redevelopment Plan pursuant to Section 18-2111 of the Act, and recommended ded the Redevelopment Plan to the Planning Commission of the City; and WHEREAS, the Planning Commission of the City reviewed the Redevelopment Plan pursuant to the Act and submitted The Redevelopment lop'ment Plr:'1 of the City approved for Redevelopment Area No.2 in the city of Grand Island,Hall County, Nebraska,including ti:e Redevelopment Project described above, is hereby determined ned to be feasible and in conformity with the general plan for the develc U;,A e-rit of the City of Grand sland as a whole and the Redevelopment Plan, including the Redevelopment Project identified above is in conformity with the legislative declarations and determinations set forth in the Act; and it is hereby found and determined that (a) the redevelopment project in the plan would not be economically feasible without the use©f tax- increment financing, `b) the redevelopment project would not occur in the community redevelopment area Without the use,of tax-increment financing,and(c)the costs and benefits of the redevelopment project, including costs and benefits to other affected political subdivisions,the economy of fee community, and the demand for public and private services have been analyzed by the City and have been found to be in the long-term best interest of the community impacted. by the redevelopment project, The City acknowledges receipt of notice of intent to enter into the Redevelopment Contract in accordance with Section 18- 21 19 of the Act and of te of the recommendations of tie Authority and the Planning Commission with respect to the Redevelopment Contract. 2. Approval of t C Redevelopment Plan is hereby ratified c1d reaffirmed, ay amended by this Resolution, and the Authority is hereby directed to implement the Redevelopment Plan in accordance with the ie.et. 3. Pursuant to Section 16-2147 of the Act, ad valorem taxes levied upon real property in the Redevelopment Project included or authorized in the Plan which is described above shall be divided, for a period not to exceed 15 years '1, � ,tt � t date of this provision, which elective date shall be January 1, 2016 as follows: a. That proportion v of the ad valorem tax which is produced by l evy at the rate fixed each year by or for each public body upon the Redevelopment Project Valuation(as defined in the Act) shall be paid into the funds of each such public body in the same proportion as all other taxes collected by or for the Inc bodies; and b. That propor tio_n of the ad valorem tax on real property in the Redevelopment Project in excess of such airiotriet, if any, shall be allocated to, is pledged to, and, when 6�(3e .oilected,paid into nn. r r.� yt rr _� .e 0 a special fund• v the.�na.GJ lr. to pay the principal of,the interest on, and any premiums due in connection with the bonds, loans,notes or advances of money to, or indebtedness e'cr ed by, whether funded, refunded, assumed, or otherwise, such Authority for financing or refinancing,ancing, in whole or in part, such Redevelopment _Project. When such bonds, loafs, notes, advances of money, or indebtedness,including interest and premium due have been paid,the Authority shall so notify the County Assessor and County Treasurer and all ad valorem taxes upon real property in suc,h Redevelopment Project shall be paid into the funds of the respective public bodies. c. The Mayor and City Clem_ are authorized and directed to execute and file with the Treasurer and Assessor of Hall County, Nebraska, an Allocation Agreement and Notice of Ple dge of Taxes -with respect to each Redevelopment Project. _ 3 ._ 4. The City hereby finds and determines that the proposed land uses and building requirements in the Redevelopment Area are designed with dee general purposes of accomplishing, in accordance with the general plan for development of the City, a coordinated, adjusted and harmonious development of the City and its environs which will, in accordance with present and fature needs, promote health, safety, morals, order, convenience, prosperity; and the general welfare, as well as efficiency and economy in the process of development;including, among other things, adequate provision for traffic,vehicular parking,the promotion of safety from fire, panic, and other dangers, ado nate provision far light and air, the promotion of a healthful and convenient distribution of population, the provision of adequate transportation, water, sewerage, and other public uqilities, schools, parks, recreation and community facilities, and other public requirements, the promotion of sound design and arrangement,the wise and efficient expenditure of public fends, and the prevention of the recurrence of unsanitary or unsafe: dwelling accommodations, or conditions of blight. Adopted by the City Council of the City of Grand Island, Nebraska, March 24, 2015. -- A r- - .Tererrit, jem.en, IV) Attest: 1110 • RaNae Edwards, City Clerk - 3