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Section 2 - Tax Increment Financing Plan for Tax Increment Financing District No. 1-6 Subsection 2-1. Foreword The Mounds View Economic Development Authority (the "EDA"), the City of Mounds View (the "City"), staff and consultants have prepared the following information to expedite the establishment of Tax Increment Financing District No. 1-6 (the "District"), a housing tax increment financing district, located in the Mounds View Economic Development Project. Subsection 2-2. Statutory Authority Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the EDA and City have certain statutory powers pursuant to Minnesota Statutes ("M.S."), Sections 469.090 to 469.1082, inclusive, as amended, and M.S., Sections 469.174 to 469.1794, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs related to this project. This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant information is contained in the Modification to the Redevelopment Plan for the Mounds View Economic Development Project. Subsection 2-3. Statement of Objectives The District currently consists of four parcels of land and adjacent and internal rights-of-way. The District is being created to facilitate the construction of approximately 60 affordable apartment units in the City. Please see Appendix A for further District information. The City anticipates entering into an agreement with Boulevard Apartments Limited Partnership as the developer. This TIF Plan is expected to achieve many of the objectives outlined in the Redevelopment Plan for the Mounds View Economic Development Project. The activities contemplated in the Modification to the Redevelopment Plan and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of the Mounds View Economic Development Project and the District. Subsection 2-4. Redevelopment Plan Overview 1. Property to be Acquired - Selected property located within the District may be acquired by the EDA or City and is further described in this TIF Plan. 2. Relocation - Relocation services, to the extent required by law, are available pursuant to M.S., Chapter 117 and other relevant state and federal laws. 3. Upon approval of a developer's plan relating to the project and completion of the necessary legal requirements, the EDA or City may sell to a developer selected properties that it may acquire within the District or may lease land or facilities to a developer. 4. The EDA or City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public street work within the District. Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 1-6 2-1