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SECTION 11 <br />TAX INCREMENT FINANCING PLAN FOR <br />TAX INCREMENT FINANCING DISTRICT NO. 2 <br />A. Statutory Authority <br />(AS MODIFIED DECEMBER 13, 1994) <br />The City created TIF District No. 2 on June 30,1986, and modified the TIF plan , therefore, on March <br />24, 1988, July 31, 1990 and March 8, 1994. By this amendment, the City intends to modify the TIF plan for <br />the TIF District in order to authorize additional tax increment expenditures within the TIF and Development <br />Districts, pursuant to authority granted in the TIF Act, and specifically 469.175, Subd. 4, thereof. <br />(AS MODIFIED NOVEMBER 24, 1998) <br />The City hereby modifies the TIF Plan for TIF District No. 2 pursuant to the Act and Section 469.175, <br />Subds. 3 and 4 of the TIF Act. (See also Section I.A.) <br />B. Statement of Objectives <br />(AS MODIFIED MARCH 29, 1988) <br />In addition to the objectives outlined in Section I, subdivision D hereof in Development District No. <br />1, the City seeks to achieve the following objectives through the Plan for TIF District No. 2: <br />1. Provide employment opportunities within the City; <br />2. Improve the tax base of the City and the general economy of the City and State; <br />3. Encourage development in an area of the City which has not been utilized to its full potential; <br />4. Improve street, water and sanitary sewer facilities within a portion of the City guided for industrial <br />use; <br />5. Provide for soil correction and site improvements on property which is not otherwise likely to be <br />developed; and <br />6 Implement relevant portions of the Comprehensive plan. <br />(AS MODIFIED NOVEMBER 24, 1998) <br />The objectives outlined in subdivision D of the Development Program are incorporated herein by <br />reference. <br />(AS MODIFIED DECEMBER 13, 2011) <br />The purpose of this modification is to increase the budget to reflect actual increment collected to date and <br />expected through the term of the district, restate the use of funds and to bring it into conformance with OSA <br />requirements. The City expects to achieve the objectives of providing assistance including but not limited <br />to the acquisition of a right-of-way easements and construction of a rail stop, acquisition of land for a <br />City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 2 2-1 <br />