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District No. 623 and Special Intermediate School Board No. 916 an opportunity to meet with the City Council to discuss the fiscal and economic implications of the Development District; C. Said proposal has heretofore been given preliminary approval by the City Council; and D. A public hearing was duly held on said proposal on this day (February 27, 1985) in accordance with the provisions of the Act; NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Falcon Heights as follows: 1. Development Program. The development program as set forth in the report entitled "Development District No. 1 (As Amended) and Tax Increment Financing Plan for Housing District No. 2" and dated February 27, 1985, a copy of which is on file in the office of the Clerk-Administrator, is adopted as the Development Program for Development District No. 1. 2. Tax Increment Financin District No. 2. There is established in the City o Falcon Heights within Development District 210. 1 a tax increment financing district to be known as "Housing District No. 2," the initial boundaries of which are fixed and determined as shown on the attached Exhibit A incorporated herein by reference. __ 3. Tax Increment Financing Plan. The tax increment financing plan as set forth in said report is adopted as the Tax Increment Financing Plan for Housing District No. 2, and the City Council makes the following findings: (a) Housing District No. 2 is a housing district as defined in Minnesota Statutes, Section 273.73, the specific basis for such determination being: Housing District No. 2 meets the Minnesota Housing Finance Agency's guidelines pursuant to Chapter 462A since it consists of a project or a portion of a project intended for occupancy, in part, by persons or families of low and moderate income. Chapter 462A requires that the Minnesota Housing Finance Agency