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3.05. The Plan will afford maximum opportunity, consistent <br />with the sound needs of the City as a whole, for the development <br />of the TIF and Development Districts by private enterprise. <br /> <br /> 3.06. Tax Increment Financing District No. 5 is an economic <br />development district under Section 469.174, subd. 12 of the TIF <br />Act, because the development proposed in the Plan will preserve <br />and enhance the City's tax base. <br /> <br /> 3.07. The establishment of Tax Increment Financing District <br />No. 5 and the approval of the Plan therefor is intended, and in <br />the City's judgment its effect will be, to promote the public <br />purposes and accomplish the objectives specified in the Plan. <br /> <br />Section 4. Program and Plan Adopted; Certification~ Filing. <br /> <br /> 4.01. The modified Program and the Plan are hereby approved <br />and adopted'. <br /> <br /> 4.02. The geographic boundaries of the Development District <br />and of the TIF District are described in the modified Program and <br />Plan therefor and are incorporated herein by reference. <br /> <br /> 4.03. The City Administrator is authorized and directed to <br />transmit a certified copy of this resolution together with a <br />certified copy of the modified Program and the Plan to the <br />Auditor of Anoka County with a request that the original tax <br />capacity of the property within Tax Increment Financing District <br />No. 5 be certified to the City pursuant to Section 469.177, subd. <br />1 of the TIF Act, and to file a copy of the modified Program and <br />the Plan with the Minnesota Commisisoner of Revenue as required <br />by the TIF Act. <br /> <br /> 4.04. The City may at the appropriate time take action to <br />issue and sell general obligation bonds pursuant to the TIF Act <br />to finance the public costs identified in the Program and the <br />Plan. <br /> <br /> The motion for..the adoption of the foregoing resolution was <br />duly seconded by member and upon vote being taken <br />thereon, the following voted in favor thereof: <br /> <br />and the following voted against same: <br /> <br />Whereupon said resolution was declared duly passed and adopted by <br />the Ramsey City Council this 24th day of April, 1990. <br /> <br />3 <br /> <br /> <br />