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\ . . . ~ ~ RESOLUTION 2463 PAGE TWO WHEREAS, the City has performed all actions required by law to be performed prior to the modification of the Tax Increment District and the approval and adoption of the Financing Plan; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota as follows: 1. On the basis of the information presented to the Council at meetings regarding modification of the Tax Increment District and Financing Plan, information included in the Financing Plan, information provided at the public hearing and at other Council meetings regarding the Financing Plan, the Council hereby finds and determines: (a) that the modification of Tax Increment District #3 within the Development District and the adoption of the Financing Plan in the public interest and to the benefit of the health, safety and welfare of the City; (b) that the Tax Increment District is a redevelopment district as defined in Minnesota Statutes, Section 469.174, Subd. 10(3). It had been determined that less than 70 percent of the parcels in the district are occupied by buildings, streets, utilities or other improvements, but due to unusual terrain or soil deficiencies requiring substantial filling, grading or other physical preparation for use at least 80 percent of the total acreage of such land has a fair market value upon inclusion in the redevelopment district which, when added to the estimated cost of preparing that land for development, excluding costs directly related to roads and local improvements, if any, exceeds its anticipated fair market value after completion of the preparation. Thus, the tax increment financing district met the statutory require- ments of a redevelopment district and was certified prior to May 1, 1988. The parcels that have been used to establish eligibility as a redevelopment tax increment financing district are listed in the Tax Increment Financing Plan. The establishment of the Tax Increment District will result in new industrial development;