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FROM BRIGGS MORGRN SP (FRI>04.17.'92 10:16 <br />NO.9 PAGE 3 <br />Program relating to Development District No. 1, and the adoption <br />of the Modified Tax Increment Financing Plan for Tax Increment <br />Financing District No. 4, including but not limited to, <br />notification of Ramsey County, Independent School District No. <br />623 and Special Intermediate School District No. 916, a review by <br />the city Planning Commission and the holding of a public hearing <br />upon published and mailed notice as required by law; and <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of <br />the city of Little Canada, as follows: <br />1. Development District No. 1. The City is not <br />modifying the boundaries of Development District No. 1. <br />2. Modification of Development Program. The Modified <br />Development Program for Development District No. 1, a copy of <br />which is on file in the office of the City Administrator, is <br />adopted as the Development Program for Development District No. <br />1. <br />3. Tax Increment Financing District No. 4. The City <br />is not modifying the boundaries of Tax Increment Financing <br />District No. 4. <br />4. Modification of Tax Increment Financing Plan. The <br />Modified Tax Increment Financing Plan is adopted as the Tax <br />Increment Financing Plan for Tax Increment Financing District NO. <br />4, and the City Council makes the following findings: <br />(a) Tax Increment Financing District No. 4 when <br />established was established as an economic development district <br />as defined in Minnesota Statutes, Section 469.174, Subd. 12. The <br />City reaffirms the findings previously made with respect to the <br />establishment of Tax Increment Financing District No. 4. <br />(b) The proposed redevelopment in the opinion of the <br />City Council, would not occur solely through private investment <br />within the reasonably foreseeable future and therefore the use of <br />tax increment financing is deemed necessary. <br />216782 <br />The reasons supporting this finding are that: <br />St. Jude Medical, Inc. (the "Developer ") has <br />represented to the City that it would not <br />undertake the project in Little Canada without the <br />City's use of tax increment financing. Private <br />investment will not finance these development <br />activities set out in the Tax Increment Financing <br />Plan for Tax Increment Financing District No. 4 <br />2 <br />Page 16 <br />