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RESOLUTION NO. 97 - EDA 60 . CITY OF MOUNDS VIEW COUNTY OF RAI\1SEY ST ATE IF MINNESOTA RESOLUTION INITIATING PROCESS FOR CONSIDERATION OF A NEW TAX INCREMENT FINANCING DISTRICT BE IT RESOLVED by the Board of Commissioners (the "Board") of the Mounds View Economic Development Authority (the "EDA"), as follows: I. Recitals. (a). Pursuant to Minnesota Statues, Sections 469.090 through 469.108 (collectively, the "Act"), the EDA is authorized to exercise development and redevelopment powers. (b). The EDA has established its Mounds View Economic Development District (the "Districf') and adopted the Project Plan therefor pursuant to the Act. . (c). The EDA proposed to establish a tax increment financing district ('TIF District") tor the proposed Bel Rae redevelopment project consistent with the stated objective of the Project Plan. (d). The process which must be followed is the preparation of the tax increment financing plan ("TIF Plan"), notification to both the individual county commissioner and the County Board as a whole, notitication to the School Board, and the holding of a public hearing by the City Council on the proposed plan. 2. Public Hearing. The EDA hereby authorizes the necessary steps which need to be taken in order to prepare and bring forward the proposed TrF District and TlF Plan for consideration and public hearing by the City Council. The EDA. hereby requests the City Council to schedule a public hearing on the TIF District and TIF Plan at the appropriate time, given the required 30-day prior notice to the County and School Boards and the requirement that notice of the public hearing be published at least 10 days prior thereto. ATTEST: Adopted by the Mounds View EDA Board of Commissioners this 13th day of January, 1997. i}~tO~ Duane McCaI1y President . (SEAL) ... ~~. EXfS'-'tiv Director