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Councilmember McGlone introduced the following resolution and moved for its adoption: RESOLUTION #10.12 -269 RESOLUTION APPROVING A SPENDING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1 AND NO. 2 IN THE CITY NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: Section 1. Background Findings (a) The City has previously established Tax Increment Financing Districts No. 1 and No. 2 (the "TIF Districts ") and adopted the tax increment financing plans therefore (the "TIF Plans "). (b) The City has developed a Spending Plan for the TIF Districts in accordance with Minnesota Statutes, Section 469.176 Subd. 4m (the "Spending Plan") to utilize existing tax increment revenues from the TIF District in order to stimulate construction or rehabilitation of private development in a way that will also create or retain jobs. (d) The City has performed all actions required by law to be performed prior to the approval of the Spending Plan, including, but not limited to, causing notice of a public hearing to be published and holding a public hearing on the date hereof on the adoption of the Spending Plan. Section 2. Approval of the Spending Plan (a) The Spending Plan for the TIF District, is hereby approved. (b) The City is hereby authorized to carry out the terms of the Spending Plan in such manner as to determines to be consistent with the TIF Plans and in accordance with Minnesota Statutes, Section 469.176 Subd. 4m. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Wise, and upon vote being taken thereon, the following voted in favor thereof: Mayor Ramsey Councilmember McGlone Councilmember Wise Councilmember Dehen Councilmember Elvig Councilmember Jeffrey Councilmember Look and the following voted against the same: None and the following abstained: None