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Little Canada Economic Development Authority Modification to the TIF Plan for Tax Increment Financing District No. 3-3 4 Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 3-3 Foreword The Little Canada Economic Development Authority (the "EDA"), the City of Little Canada (the "City"), staff and consultants have prepared the following information to expedite the Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 3-3 (the "District"), a housing tax increment financing district, located in Redevelopment Project Area No. 1. The TIF District was established on July 9, 2002 and modified on November 13, 2002. Statutory Authority Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the EDA and City have certain statutory powers pursuant to Minnesota Statutes ("M.S."), Sections 469.090 - 469.1082, inclusive, as amended, and M.S., Sections 469.174 to 469.1794, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs related to this project. This document contains the Modification to the Tax Increment Financing Plan (the "Modification") for the District. Other relevant information is contained in the Modification to the Redevelopment Plan for Redevelopment Project Area No. 1. Statement of Objectives The District currently consists of six parcels of land and adjacent and internal rights-of-way. The TIF Plan is being modified to increase the budget in the TIF Plan. The TIF District was established to facilitate the development a 35-unit multi-family rental senior housing addition known as “Garden Terrace” and a 78-unit multi-family residential rental senior housing facility known as “The Lodge” designed for persons or families of low and moderate income and 14,000 square feet of retail space. This Modification is expected to achieve many of the objectives outlined in the Redevelopment Plan for Redevelopment Project Area No. 1. The activities contemplated in the Modification do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of Redevelopment Project Area No. 1 and the TIF District. Redevelopment Plan Overview Pursuant to the Redevelopment Plan and authorizing state statutes, the EDA or City is authorized to undertake the following activities in the District: 1. Property to be Acquired - Selected property located within the District may be acquired by the EDA or City and is further described in this TIF Plan.