06/12/1995 Council Minutes (2) - Laserfiche WebLink

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1 welfare, that the authority of the TIF Act be exercised by the Authority and the City to provide public financial assistance. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the modified Plan could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary. 2.03. The modified Plan conforms to the general plan for development of the City as a whole. 2.04. The proposed public assistance to he financed largely through tax increment financing are necessary to permit the City to realize the full potential of Tax Increment Financing District No. 1 -4 in terms of development intensity, employment opportunities and tax base. 2.05. The modified Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the area by private enterprise. Section 3. Approval of Modification: Filing. 3.01. The modified Plan is hereby approved. The modified Plan incorporates by reference the original Plan and all subsequent modifications except as this modified Plan explicitly or by reasonably necessary implication conflicts with the original Plan or previous modifications. 3.02. The geographic boundaries of Tax Increment Financing District No. 1 -4 are not affected by this modification and are as described in the original Plan. 3.03. The Authority is requested to file a copy of the modified Plan with the Minnesota commissioner of revenue as required by the TIF Act. 3.04. The clerk- treasurer is authorized and directed to transmit a certified copy of this resolution to the Authority. DATED: June 12, ATTEST: Marilyn Anderson Clerk - Treasurer RHB62063 LN140 -11 Vernon I-. Reinert, Mayor