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ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA <br />CITY OF LITTLE CANADA <br />COUNTY OP RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION APPROVING REDEVELOPMENT PROJECT AND TAX <br />INCREMENT FINANCING DISTRICT PLANS <br />BE IT RESOLVED by the Board of Commissioners (the "Board ") <br />of the Economic Development Authority of the City of Little <br />Canada (the "Authority ") as follows: <br />Section 1. Recitals. <br />1.01. It has been proposed that the Authority establish its <br />Redevelopment Project Area No. 1 (the "Redevelopment Project "); <br />adopt the Redevelopment Plan for the Redevelopment Project; and <br />establish within the Redevelopment Project Tax Increment <br />Financing District No. 3 -2 and adopt the related Tax Increment <br />Financing Plan therefor (collectively, the "Plans "); all pursuant <br />to and in conformity with applicable law, including Minnesota <br />Statutes, Sections 469.090 through 469.108, 469.001 through <br />469.068, 469.174 through 469.179, 469.073, and Laws of Minnesota <br />1985, Chapter 173; all as reflected in those certain documents <br />entitled in part "Redevelopment Plan for Redevelopment Project <br />Area No. 1" and "Tax Increment Financing Plan for Tax Increment <br />Financing District No. 3 -2," both dated November 8, 1995, and <br />presented for the Board's consideration. <br />1.02. The Board has investigated the facts relating to the <br />Plans and has caused the Plans to be prepared. <br />1.03. The Authority has performed all actions required by <br />law to be performed prior to the adoption and approval of the <br />Plans, including the holding of a public hearing thereon on the <br />date hereof, at which all persons desiring to speak on the Plans <br />were given an opportunity to do so. The Authority has also <br />requested that the Little Canada City Council hold a public <br />hearing on the Plans and that the Little Canada Planning <br />Commission provide written comment on the Plans. <br />Section 2. Findings for the Adoption and Approval of the <br />Plans. <br />2.01. The Authority hereby finds that Tax Increment <br />Financing Redevelopment District No. 3 -2 is in the public <br />interest and is a "redevelopment district," within the meaning of <br />Minnesota Statutes, Section 469.174, Subdivision 10, because <br />parcels consisting of 70% of the area of the district are <br />occupied by buildings, streets, utilities or other improvements <br />304781.1 <br />Page 23 <br />Z 'd 301- 2190922'0N /6G:17I'18/ 02 :PI 961LI'11(INd) 9P99 233 319 1fVd'1S NVOH011 QNV 8001H8 N(08d <br />