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• <br />No. 2 and the holding of a public hearing upon published and mailed notice as required <br />by law; and <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the <br />City of Ramsey as follows: <br />I Development District No. 1. The City of Ramsey is not modifying <br />the boundaries of Development District No. 1. <br />II Modification to the Development Program. The City of Ramsey is <br />modifying the development program for Development District No. 1 to allow for the <br />increased costs associated with Tax Increment Financing Districts Nos. 2 as described in <br />the respective modifications to the development programs for Development District No. <br />1, a copy of which is on file in the office of the City Administrator, and the modifications <br />to the development programs are adopted as the Modification to the Development <br />Program for Development District No. 1. <br />III Tax Increment Financing District No. 2. The City is not modifying <br />the boundaries of Tax Increment Financing District No. 2. <br />IV Amendment to the Tax Increment Financing Plan. The Tax <br />Increment Financing Plan for Tax Increment Financing District No. 2 is amended as set <br />forth in the Amendment to the Tax Increment Financing Plan. The City Council makes <br />the following findings with respect to Tax Increment Financing District No. 2: <br />(a) Tax Increment Financing District No. 2 when established was <br />established as a redevelopment district as defined in Minnesota Statutes, Section 469.174, <br />Subd. 10(a)(1). The City reaffirms the findings previously made with respect to the <br />establishment of Tax Increment Financing District No. 2. <br />(b) The proposed redevelopment in the opinion of the City Council, would not <br />occur solely through private investment within the reasonably foreseeable future and therefore <br />the use of tax increment financing is deemed necessary. <br />The reasons supporting this finding are that: <br />Private investment will not finance these development activities because <br />of prohibitive costs. It is necessary to finance these development activities <br />through the use of tax increment financing so that other development by private <br />enterprise will occur within Development District No. 1. <br />(c) The Tax Increment Financing Plan, as amended, for Tax Increment Financing <br />District No. 2 conforms to the general plan for development or redevelopment of the City of <br />Ramsey as a whole. <br />Resolution #01 -04 -186 <br />Page 2 of 4 <br />