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43 • Commissioner introduced the following resolution.and moved its adoption: H,.R.A. RESOLUTION 00-010 RESOLUTION RELATING TO REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT AREA NO. 3 RAMSEY COUNTY; APPROVING EXECUTION OF REDEVELOPMENT CONTRACT WITH HILLCREST DEVELOPMENT AND ISSUANCE OF LIMITED REVENUE TAXABLE TAX INCREMENT NOTE BE IT RESOLVED by the Board of Commissioners (the 'Board") of the Housing and Redevelopment Authority of St. Anthony, Minnesota(the "HRA"), as follows: Section 1. Recitals. 1.01. Redevelopment Plan and Redevelopment Project. This Board and the City Council of the City of St. Anthony, Minnesota(the "City") have previously approved a redevelopment plan and redevelopment project of the HRA under Minnesota Statutes, Section 469.001 to 469.047, and a tax increment financing plan of the HRA, under Minnesota Statutes, Section 469.174 to 469.179, • designated as Redevelopment Plan for Redevelopment Project No. 3 - Ramsey County (the 'Redevelopment Plan"), Redevelopment Project No. 3 - Ramsey County(the "Redevelopment Project") and Tax Increment Financing Plan for Tax Increment Financing District No. 5 - Ramsey County(the "Tax Increment Financing Plan"). The Tax Increment Financing Plan established Tax Increment Financing District No. 5 - Ramsey County (the "District"). 1.02. Expenditure of Tax Increment Revenue. The Redevelopment Project constitutes a "project" and the District constitutes a "tax increment financing district" within the meaning of Minnesota Statutes, Sections 469.174 to 469.179, and thus the HRA has authority under said Sections 469.174 to 469.179 to expend ad valorem tax increments derived from the District to pay costs incurred or to be incurred by the City and the HRA in aid of the Redevelopment Project, or to pay the principal of and interest on the bonds, notes or other obligations of the HRA or City issued to finance such costs, in accordance with the Redevelopment Plan. 1.03. Computation of Tax Increment. The County Auditor of Ramsey County upon application of the HRA will certify to the HRA, the Original Tax Capacity of all taxable property in the District (the "Original Tax Capacity"), and is to certify to the HRA in each year the then current Tax Capacity of all taxable property in the District (the "Current Tax Capacity"). The Current Tax Capacity, less the Original Tax Capacity, is the Captured Tax Capacity. The ad valorem taxes derived from the property in the District in each year, by application of the aggregate tax capacity levied by all • governmental entities having authority to levy taxes on such property to the Captured Tax Capacity, is the Tax Increment to be derived from the District(the "Tax Increment").