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Due to the high water table in Tax Increment Financing District No. 1, the <br />Council finds that excavation and land fill will be necessary for site <br />preparation prior to the commencement of construction of Churchill Estates <br />apar~ent project (the "Project"). Landscaping in the form of screening and <br />maintaining a buffer between the Rum River and the Project and ponding, as <br />required by the Minnesota Department of Natural Resources, are also public <br />improvements that the Council finds are necessary for the success of the <br />Project. <br /> <br /> 2.03. ~he Council further finds that the proposed develoument, 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 is 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. ~he 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. ~proval of the Modified Development Program and Modified <br />Tax Increment Financina Plan. <br /> <br /> 3.01. ~he Development Program for Development District No. 1, and the Tax <br />Increment Financing Plan for Tax Increment Financing District No. 1 (the <br />"Plans") are hereby modified 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 />Develounent District No. 1 including Modified Tax Increment Financing Plan for <br />Tax Increment Financing District No. 1 <br /> <br /> 3.03. ~he motion for the adoption of the foregoing resolution was duly <br />seconded by Councilmember Reimann, and upon vote being taken thereon, the <br />following voted in favor thereof: <br /> <br />Mayor Heitman, Councilmembers Cox, Reimann, Schlueter and Sorteberg <br /> <br />and the following voted against the same: <br /> <br /> None <br /> whereupon said resolution was declared duly passed and adopted by the Ramsey <br /> City Council this the 15th day of October, 1985//~ <br /> <br /> Mayor <br /> <br /> AT~EST: <br /> <br />~/C i t~y/J~minis tranor / Cler~ <br /> <br /> <br />