Resolution - #94-03-048 - 03/08/1994

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2.02. The findings made by the City Council at the time of the adoption of the Program on August 27, 1985 are hereby reaffirmed. Section 3. Findings: Tax Increment Financing District 3.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development District and the City as a whole, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public financial assistance to the TIF and Development Districts. 3.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the modified program and the modified TIF Plan for TIF District No. 2 could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary. 3.03. The proposed public improvements to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the TIF and Development DistriCts in terms of development intensity, employment opportunities and tax base. 3.04. The modified TIF Plan conforms to the general plan of development of the City as a whole. 3.05. The modified TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF and Development Districts by private enterprise. 3.06. Approval of the modified TIF Plan is intended, and in the City's judgment its effect will be, to promote the public purposes and accomplish the objectives specified in the modified Plan. 3.07. The findings made by the City Council at the time of the creation of TIF District No. 2 on June 30, 1986 are hereby reaffirmed. Section 4. Modified Prom-am and TIF Plan Adorned: Filine 4.01. The modified Program and the modified TIF Plan are hereby approved and adopted. The modified Program and TIF Plan incorporate by reference the original Program and TIF Plan, except as the modified Program and TIF Plan explicitly or by reasonably necessary inference conflicts with the original Program and TIF Plan. 4.02. The geographic boundaries of Development District No. 1, and TIF District No. 2 are not changed by this action. 4.03. The City Administrator is authorized and directed to file a copy of the modified Program and the modified TIF Plan with the Minnesota Commissioner of Revenue as required by the TIF Act. 4.04. The City, may at the appropriate time, take action to issue and sell general obligation bonds pursuant to the TIF Act to finance the public costs identified in the modified Program and the modified Plans. RESOLUTION //94-03-048 Page 2 of 3