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establishes that Tax Increment Financing District No. 1-8 qualifies as a redevelopment tax <br />increment district. <br />3.06. Tax Increment Financing District No. 1-8 is a redevelopment tax increment <br />financing district within the meaning of Minnesota Statutes, section 469.174, subd. 10 (a) (1). <br />Section 4. Approval of the Modified Development District Program and Tax Increment <br />Financing Plan; Establishment of Tax Increment Financing District No. 1-8. <br />4.01. The modified Program for Development District No. 1 is hereby adopted subject <br />to a finding by the planning and zoning commission that the modified Program is consistent with <br />the City's comprehensive plan. <br />4.02. The expanded boundaries of Development District No. 1 are as described in the <br />modified Program and incorporated herein by reference. <br />4.03. The Plan for Tax Increment Financing District No. 1-8 is hereby approved as <br />adopted by the Authority. <br />4.04. Tax Increment Financing District No. 1-8 is hereby established. The boundaries <br />of Tax Increment Financing District No. 1-8 are as described in the Plan and incorporated herein <br />by reference. <br />1 . 4.05. The City elects for Tax Increment Financing District No. 1-8 to be treated as <br />described in Minnesota Statutes, section 469.177, subd. 3(a) with regard to fiscal disparities. <br />4.06. The City elects to make a qualifying local contribution for Tax Increment <br />Financing District No. 1-8 pursuant to Minnesota Statutes, section 273.1399, subd. 6(d). <br />4.07. The Executive Director of the Authority is authorized and directed to transmit a <br />certified copy of this resolution together with a certified copy of the modified Program and the <br />Plan to the auditor of Anoka County with a request that the original tax capacity of the property <br />within Tax Increment Financing District No. 1-8 be certified to the Authority and the City <br />pursuant to section 469.177, subd. 1 of the TIF Act and to file a copy of the modified Program <br />and the Plan for Tax Increment Financing District No. 1-8 with the Minnesota state auditor. <br />4.08. The City Administrator is authorized and directed to transmit a copy of this <br />resolution to the Authority. <br />DATED: April 28, 1997. <br />L. Landers, Mayor <br />RHB121664 <br />LN140-56 <br />