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SECTION II. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 2 A. Statutory Authority. The City created TIF District No. 2 on June 30, 1986, and modified the TIF Plan, therefore, on March 24, 1988, July 31, 1990 and March 8, 1994. By this amendment, the City intends to modify the TIF Plan for the TIF District in order to authorize additional tax increment expenditures within the TIF and Development Districts, pursuant to authority granted in the TIF Act, and specifically {}469.I75, Subd. 4, thereof. B. Statement of Objectives. In addition to the objectives outlined in Section 1, Subd. C hereof, the City seeks to achieve the following objectives through the Plan for TIF District No. 2: 1. Provide employment opportunities within the City; 2. improve the tax base of the City and the general economy of the CiD' and State; Encourage development in an area of the City that has not been utilized to its full potenri~; o Improve street, water and sanitary sewer facilities within a portion of the City guided for industrial use; PrOvide commercial site improvements for properties that are not otherwise likely to be developed according to the City's development goals. o Implement relevant portions of the Comprehe.nsive Plan. Statement of Public Purpose. In mending the Development Program and adopting the Plan for TIF Diswict No. 2, the City Council intends to make the following findings: Anticipated development would not reasonably be expected to occur solely through private investment within the foreseeable future and, therefore, the use of TrF is deemed necessary; The TIF Plan will afford maximum opportunity consistent with the sound needs of the City as a whole for development of the District by private enterprise; and 3. The TIY Plan conforms to general plans for development of the City as a whole. D. Development District Program. The City created Development District No. 1 on August 27, 1985, and modified the Program on June 30, 1986, August 12, 1986, June 9, 1987, August 11, 1987, March 29, 1988, April 26, 1988, July 26, 1988, November 14, 1989, April 24/1990, July 31, 1990 and March 8, 1994. Concurrent with this action, the City is expanding the boundaries of the Development District and updating the development activities planned or authorized within the District.