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3) Tax Increment Financing District No. 20 (Trident). There is hereby established in the City <br />within the Development District, Tax Increment Financing District No. 20 (Trident), a <br />housing tax increment financing district, the initial boundaries of which are fixed and <br />determined as described in the TIF Plan. <br />4) Tax Increment Financing Plan. The TIF Plan is adopted as the tax increment financing <br />plan for the TIF District, and the City Council makes the following findings: <br />a. The TIF District is a housing district as defined in Minnesota Statutes, Section <br />469.174, Subd. 11, the specific basis for such determination is set forth in Appendix <br />D of the TIF Plan. <br />b. The proposed development, in the opinion of the City Council, would not <br />reasonably be expected to occur solely through private investment within the <br />reasonably foreseeable future. The reasons for such determination are set forth in <br />Appendix D of the TIF Plan. <br />c. The TIF Plan for the TIF District conforms to the general plan for development or <br />redevelopment of the City as a whole. The reasons for supporting this finding are <br />set forth in Appendix D of the TIF Plan. <br />d. The TIF Plan will afford maximum opportunity, consistent with the sound needs of <br />the City as a whole, for the development or redevelopment of the Development <br />District by private enterprise. The reasons supporting this finding are set forth in <br />Appendix D of the TIF Plan. <br />e. Appendix D of the TIF Plan is incorporated herein by reference. <br />5) Public Purpose. The adoption of the TIF Plan for the TIF District within the Development <br />District conforms in all respects to the requirements of the Act and will help fulfill a need <br />to develop an area of the State which is already built up to provide safe, decent, sanitary <br />housing for residents of the City, to improve the tax base and to improve the general <br />economy of the State and thereby serves a public purpose. <br />6) Certification. The Auditor of Anoka County is requested to certify the original net tax <br />capacity of the TIF District as described in TIF Plan, and to certify in each year thereafter <br />the amount by which the original net tax capacity has increased or decreased in accordance <br />with the Act; and the Economic Development Manager is authorized and directed to <br />forthwith transmit this request to the County Auditor in such form and content as the <br />Auditor may specify, together with a list of all properties within the TIF District for which <br />building permits have been issued during the 18 months immediately preceding the <br />adoption of this Resolution. <br />7) Filing. The Economic Development Manager is further authorized and directed to file a <br />copy of the Modification and TIF Plan for the TIF District with the Commissioner of <br />Revenue and the Office of the State Auditor. <br />8) Interfund Loan. The City may pay for certain costs identified in the TIF Plan consisting of <br />land acquisition, public utilities, site improvements/preparation, other eligible <br />improvements, and administrative costs (the "Qualified Costs") incurred in connection with <br />Resolution #26-159 <br />Page 2 of 4 <br /> <br />