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MINUTES CITY COUNCIL MARCH 22, 2000 TIF PLAN Acting Mayor Scalze opened the Public Hearing to consider the MODIFICATIONS Tax Increment Financing modifications for Park Place. FOR PARK PLACE Rusty Fifield, Ehlers and Associates, appeared before the Council and reported that in 1995 the City created Tax Increment Financing District 3.2 as an addendum to the redevelopment guide for the Rice Street/Little Canada Road area. The modifications of this district before the Council this evening are to expand the district to include the Park Place project. This will allow increment to be captured and assistance provided for this project. The modifications are to the budget and authorize expenditures contemplated with this project. No debt will be issued on the part of the City and any resulting risk is assumed by the developer. Fifield reported that the Planning Commission has reviewed the modifications proposed and found them to be in compliance with the intent of the district. There was no one present who wished to comment on this matter. Upon motion by Morelan, seconded by LaValle, the public hearing was closed. Mr. LaValle introduced the following resolution and moved its adoption: RESOL UTION NO. 2000-3-64 -APPROVING THE MODIFIED REDEVEL OPMENT PLAN FOR REDEVELOPMENT PRO.IECT AREA NO. 1; AND APPROVING THE MODIFICATION TO THE TAX INCREMENT FINANCING PI AN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-2 THEREFOR The foregoing resolution was duly seconded by Morelan. Ayes (3) LaValle, Morelan, Scalze. Nays (0). Resolution declared adopted. Mr. LaValle introduced the following resolution and moved its adoption: RESOI,UTIONNO. 20(10-3-65 - TEMPORARILYAD.IOURNING THE CITY COUNCIL, MEETING AND CONVENING THE MEETING AS THE ECONOMIC DEVELOPMENT AUTIIORITY The foregoing resolution was duly seconded by Morelan. Ayes (3) LaValle, Morelan, Scalze. Nays (0). Resolution declared adopted.