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2.02. ~Ihc ti;~diags made by the City Council at the time of the adoption of the Program on <br /> Aug~lsi: 2'/, 1985 are hereby reaffirmed. <br /> <br />Section ?~. ?i$~tin_n4~ Tax Increment Financing District <br /> <br />3.0l. <br /> <br />It i:; l~:mw3 and determined that it is necessary and desirable for the sound and orderly <br />dcvel~gment of the Development District and the City as a whole, and for the protection <br />and lm~;scrvation of the public health, safety, and general welfare, that the authority of the <br />TI.l,' Ac~ be exercised by the City to provide public financial assistance to the TIF and <br />Devdopment Districts. <br /> <br />3.02. <br /> <br />it is flmhe.c found and determined, and it is the reasoned opinion of the City, that the <br />dev¢!o0ment proposed in the modified Program and the modified TIF Plan for TIF District <br />No. ?, could not reasonably be expected to occur solely through private investment within <br />the ~casonably foreseeable future and that therefore the use of tax increment financing is <br /> <br />3.03. <br /> <br />T~c. t~', ~posed public improvements to be financed in part through tax increment financing <br />are ,~ccessary to permit the City to realize the full potential of the TIF and Development <br />D istrk:~:s ir~ terms of development intensity, employment opportunities and tax base. <br /> <br />3.04. The moditicA TIF Plan conforms to the general plan of development of the City as a whole. <br /> <br />3.05 <br /> <br />The modified TIF Plan will afford maximum opportunity, consistent with the sound needs <br /> (~' <br />of thc ...~ty as a whole, for the development of the TIF and Development Districts by private <br />er~teq)risc. <br /> <br />3.06. <br /> <br />Appr,)v al of the modified TIF Plan is intended, and in the City's judgment its effect will be, <br />to prt,~ot,: the public purposes and accomplish the objectives specified in the modified <br />Pla.. <br /> <br />3.07. The fir~dings made by the City Council at the time of the creation of TIF District No. 2 on <br /> June 30, [';)g6 are hereby reaffirmed. <br /> <br />Section 4. Modified Program and TIF Plan Adopted; Filing <br /> <br />4.01. <br /> <br />Tt, e mc. dificd Program and the modified TIF Plan are hereby approved and adopted. The <br />modified l'rogram and TIF Plan incorporate by reference the original Program and TIF <br />Plan, e>:ceot as the modified Program and TIF Plan explicitly or by reasonably necessary <br />inferer~cc conflicts with the original Program and TIF Plan. <br /> <br />4.02. 'rt~e geographic boundaries of Development District No. 1, and TIF District No. 2 are not <br /> ch;m gcc' by tiffs action. <br /> <br />4.03. <br /> <br />The ~.~tv P~dministrator is authorized and directed to file a copy of the modified Program <br />and ibc modified TIF Plan with the Minnesota Commissioner of Revenue as required by <br /> <br />Resolution #90-07-225 <br />Page 2 of 3 <br /> <br /> <br />