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<br />Error! Unknown document property name. 2 <br /> <br /> 1.03. The proposed development to be financed in part through tax increment financing will provide <br />the City with affordable housing for seniors. <br /> <br /> 1.04. The TIF Plan conforms to the general plan for development of the City as a whole. <br /> <br /> 1.05. The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City <br />as a whole, for the development of the TIF District and the Development District by private enterprise. <br /> <br /> 1.06. The TIF District is a housing district under Section 469.174, subdivision 11 of the TIF Act. <br /> <br /> 1.07. The reasons and facts supporting all the above findings are set forth in the TIF Plan and are <br />incorporated herein by reference. The City Council has also relied upon the reports and recommendations of <br />its staff and consultants, as well as the personal knowledge of members of the City Council, in reaching its <br />conclusions regarding the TIF Plan. <br /> <br /> Section 2. Public Purpose. The adoption of the TIF Plan conforms in all respects to the <br />requirements of the TIF Act. The TIF Plan will help facilitate an affordable housing development for seniors. <br />The City expressly finds that the tax increment assistance is provided solely to make the development <br />financially feasible and thus produce the public benefits described. Therefore, the City finds that the public <br />benefits of the TIF Plan exceed any private benefits. <br /> <br /> Section 3. Approvals; Further Proceedings <br /> <br /> 3.01. The TIF Plan for the TIF District is hereby approved and adopted in substantially the form on <br />file at City Hall. <br /> <br /> 3.02. The City Council hereby transmits the TIF Plan to the Board of Commissioners of the <br />Authority (the “Board”) and recommends that the Board adopt the TIF Plan. <br /> <br /> 3.03. Upon approval of the TIF Plan by the Board, the Authority is authorized and directed to file a <br />request for certification of the TIF District with the County Auditor of Anoka County, Minnesota and to file a <br />copy of TIF Plan with the Minnesota Commissioner of Revenue as required by the TIF Act. <br /> <br /> <br /> Approved by the City Council of the City of Lino Lakes, Minnesota this 8th day of July, 2019. <br /> <br /> <br /> <br /> <br />Mayor <br /> <br />ATTEST: <br /> <br /> <br /> <br />City Clerk <br /> <br />