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Due to the high water table in Tax Increment Financing District !{o. 1, the <br />Council finds that excxavation, dewatering, land fill, and the creation of <br />ponding areas will be necessary for site preparation prior to the commencement <br />of construction of the second phase of Flintwood Hills Second Addition P.U.D. <br />project (the "Project"). <br /> <br /> 2.03. The Council further finds that the proposed development, in the <br />opinion of the Council, would not occur solely through private investment <br />within the reasonably foreseeable future and, therefor, the use of tax <br />increment financing ia deemed necessary; that the Tax Increment Financing Plan <br />conforms to the general plan for the development or redevelopment of the City <br />as a whole; and that the Tax Increment Financing Plan will afford maximum <br />opportunity consistent with the sound needs of the City as a whole, for the <br />development of Tax Increment Financing District No. 1 by private enterprise. <br /> <br /> 2.04. The Council further finds that the modification of Tax Increment <br />Financing District No. 1 and the modification of the Tax Increment Financing <br />Plan relating thereto is intended and, in the judgment of this Council, its <br />effect will be, to promote the public purposes and accomplish the objectives <br />specified in the Tax Increment Financing Plan. <br /> <br /> Section 3. Avvroval of the Modified Development Pro!ram and Modified <br />Tax Increment Financin~ Plan. <br /> <br /> 3.01. The Development Program for Development District mo. 1, and the Tax <br />Increment Financing Plan for Tax Increment Financing District mo. I (the <br />"Plans") are hereby modifed and shall be placed on file in the office of the <br />Administrator. <br /> <br /> 3.02. The Plans shall be entitled Modified Development Program for <br />Development District No. 1 including Modified Tax Increment Financing Plan for <br />Tax Increment Financing District mo. I. <br /> <br /> 3'.03. The motion for the adoption of the foregoing resolution was duly <br />seconded by Councilmember , and upon vote being taken thereon, the <br />following voted in favor thereof: <br /> <br />and the following voted against the same: <br /> <br />whereupon said resolution was declared duly passed and adopted by the Ramsay <br />City Council this the day of , 1986. <br /> <br />ATTEST: <br /> <br />l/ayor <br /> <br />City Administrator <br /> <br />-2 - <br /> <br /> <br />