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B. In accordance with the provisions of the Act, the City <br />• Council has given the members of the Board of Commissioners of <br />Ramsey County and the School Board of Independent School <br />District No. 623 and Special Intermediate School Board No. 916 <br />an opportunity to meet with the City Council to discuss the <br />fiscal and economic implications of the Development District; <br />C. Said proposal has heretofore been given <br />preliminary approval by the City Council; and <br />D. A public hearing was duly held on said proposal <br />on this day (July 24, 1985) in accordance with the provisions <br />of the Act; <br />NOW THEREFORE, BE IT RESOLVED, by the City Council of <br />the City of Falcon Heights as follows: <br />1. Development Program. The development program as <br />set forth in the report entitled "Development District No. 1 <br />(As Amended) and Tax Increment Financing Plan for Economic <br />Development District No. 1-3", a copy of which is on file in <br />the office of the Clerk-Administrator, is adopted as the <br />Development Program for Development District No. 1. <br />2. Tax Increment Financing District No. 1-3. There <br />is established in the City of Falcon Heights within Development <br />District No. 1 a tax increment financing district to be known <br />• as "Economic Development District No. 1-3," the initial <br />boundaries of which are fixed and determined as shown on the <br />attached Exhibit A incorporated herein by reference effective <br />when the City deletes the Hawkins Trust property frown Economic <br />Development District No. 1. <br />3. Tax Increment Financin Plan. The tax increment <br />financing plan as set orth in said report is adopted as the <br />Tax Increment Financing Plan for Economic Development District <br />No. 1-3, and the City Council makes the following findings: <br />(a) Economic Development District No. 1-3 is an <br />economic development district as defined in Minnesota Statutes, <br />Section 273.73, the specific basis for such determination <br />being: <br />That it is proposed that Economic Development <br />District No. 1-3 will consist of a project <br />involving approximately 40,000 square feet of <br />office condominimum space (the "Project") <br />which will create new jobs and expand the <br />City's tax base. <br />• <br />