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• HRA RESOLUTION NO. 92- 0 0 2 RESOLUTION APPROVING 1992 AMENDMENTS TO THE-KENZIE TERRACE REDEVELOPMENT PLAN AND THE KENZIE TERRACE TAX INCREMENT FINANCING PLAN AND REQUESTING THE APPROVAL OF THE CITY COUNCIL AND APPROVING EXECUTION OF AMENDMENT OF REDEVELOPMENT CONTRACT BE IT RESOLVED, by the Board of Commissioners of the Housing and Redevelopment Authority of St. Anthony, Minnesota (the "HRA"), as follows: 1. Proposed Amendment. The HRA and the City of St. Anthony, Minnesota (the "City") have approved a redevelopment.plan, as defined in Minnesota Statutes, Section 469.002, subdivision 16, designated as the Kenzie Terrace Redevelopment Plan (the "Redevelopment Plan"), and a redevelopment project to be undertaken pursuant thereto, as defined in Minnesota Statutes, Section 469.002, subdivision 14, designated as the Kenzie Terrace Redevelopment Project (the "Redevelopment Project"), and that in order to finance the public redevelopment costs to be incurred by the HRA and the City in connection with the Redevelopment Plan and the Redevelopment Project, the HRA has approved a- tax increment financing plan, pursuant to the provisions of Minnesota Statutes, Section • 469.175, designated as the Kenzie Terrace Tax,Increment Financing Plan (the "Financing Plan"), which establishes a tax increment financing district, as defined in Minnesota Statutes, Section 469.174, subdivision 9, designated as the Kenzie Terrace Tax Increment Financing District (the "District"). It has been proposed that the EDA approve amendments to the Redevelopment Plan and the Financing Plan which are entitled "1992 Amendments to the Kenzie Terrace Redevelopment Plan and the Kenzie Terrace Tax Increment Financing Plan" (the "1992 Amendments") which establishes an interest reduction program (the "Interest Reduction Program"), as defined in Minnesota Statutes, Section 469.012, subdivision 7, to benefit property developed as part of the Redevelopment Project, and authorizes the expenditure of tax increment revenue derived from the District to pay the costs of the Interest Reduction Program. 2. Approval of 1992 Amendments. The 1992 Amendments have been presented to this Board and are ordered placed on file in the office of the Executive Director of the HRA, and the 1992 Amendments are hereby approved. The 1992 Amendments further serve the original goals and purposes of the City and HRA in approving the Redevelopment Plan, the Redevelopment Project and the Financing Plan, by assisting in providing affordable rental housing for persons of low and .moderate income. 3. Presentation to City Council. The 1992 Amendments hereby approved shall be presented to the City Council for a public hearing thereon • pursuant to Minnesota Statutes, Section 469.175, subdivision 4.