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. . . RESOLUTION NO. 5455 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING ECONOMIC DEVELOPMENT PROJECT AND TAX INCREMENT FINANCING AMENDMENTS BE IT RESOLVED by the City Council (the "Council") of the City of Mounds View, Minnesota (the "City"), as follows: Section 1. Recitals. 1.01. It has been proposed by the Mounds View Economic Development Authority (the "EDA") that the EDA amend the Project Plan for the EDA's Mounds View Economic Development Project (the "Project") and amend the tax increment financing plans for the tax increment financing districts heretofore established within the Project to reflect increased development goals, activities, expenses and bonded indebtedness; all pursuant to Minnesota Statutes, Sections 469.001 through 469.047, 469.090 through 469.108,469.124 through 469.134, and 469.174 through 469.179, respectively (collectively, the "Plans"), and all as reflected in the certain document entitled in part "Amendments Relating to the Mounds View Economic Development Project of the Mounds View Economic Development Authority," dated August 14, 2000, and presented for the Council's consideration. 1.02. The Council has investigated the facts relating to the Plans. 1.03. The City has performed all actions required by law to be performed prior to the adoption and approval of the Plans, including, but not limited to, prior notification of the County and the School District, a review by the City Planning Commission of the Plans, and holding a public hearing thereon following published notice as required by law. Section 2. Findinqs for the Adoption and Approval of the Plans. 2.01. The Council herby finds that the Plans are in the public interest and that the proposed development would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary; that the Plans conform to the general plan for the development or redevelopment of the City as a whole because the anticipated development is in furtherance of long range plans of the City for the development areas; and that the Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Mounds View Economic Development Project by private enterprise because they will enable the EDA to provide and finance suitable and necessary public inducements. 2.02. The Council further finds that the Plans are intended and, in the judgment of this Council, their effect will be, to promote the public purposes and accomplish the objectives specified in the tax increment financing plans and the Project Plan for the Mounds View Economic Development Project, which are all consistent with the efforts already made for the development of the subject areas.