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- r z <br /> • RESOLUTION NO. 9 2=0 2 2 <br /> RESOLUTION APPROVING 1992 AMENDMENTS TO <br /> THE KENZIE TERRACE REDEVELOPMENT PLAN AND <br /> THE KENZIE TERRACE TAX INCREMENT FINANCING <br /> PLAN AND MAKING FINDINGS WITH RESPECT <br /> THERETO <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, <br /> Minnesota as follows: <br /> 1. The Commissioners of the Housing and Redevelopment Authority <br /> of St. Anthony, Minnesota (the "HRA") and the City of St. Anthony, Minnesota (the <br /> "City"), have previously approved the Kenzie Terrace Redevelopment Plan (the <br /> "Redevelopment Plan") and the Kenzie Terrace Redevelopment Project (the <br /> "Redevelopment Project") to be undertaken pursuant thereto, and in order to <br /> finance the public redevelopment costs to be incurred by the City and the HRA in <br /> connection with the Redevelopment Plan and the Redevelopment Project, the HRA <br /> and the City have approved the Kenzie Terrace Tax Increment Financing Plan (the <br /> "Financing Plan"), which establishes the Kenzie Terrace Tax Increment Financing <br /> District (the "District"). The Board of Commissioners of the HRA has approved <br /> amendments to the Redevelopment Plan and the Financing Plan which is entitled <br /> • "1992 Amendments to the Kenzie Terrace Redevelopment Plan and the Kenzie <br /> Terrace Tax Increment Financing Plan" (the "1992 Amendments"). The 1992 <br /> Amendments establish an interest reduction program (the "Interest Reduction <br /> Program"), as defined in Minnesota Statutes, Section 469.012, subdivision 7, to <br /> benefit property developed as part of the Redevelopment Project and authorizes the <br /> expenditure of tax increment revenues derived from the District to pay the costs of <br /> the Interest Reduction Program. <br /> 2. This Council on March 24, 1992, held a public hearing on the 1992 <br /> Amendments after notice of the public hearing was published in the official <br /> newspaper of the City not less than ten (10) days prior to the date of the hearing. At <br /> such public hearing all persons desiring to be heard with respect to the 1992 <br /> Amendments were given an opportunity to express their views with respect <br /> thereto. <br /> 3. This Council has previously found that the District is a housing <br /> district and redevelopment district within the scope of the Minnesota Tax <br /> Increment Financing Act (the "Act"), and the 1992 Amendments will not change <br /> such prior finding. The 1992 Amendments further serve the original goals and <br /> purposes of the City and HRA in approving the Redevelopment Plan, the <br /> Redevelopment Project and the Financing Plan, by providing affordable rental <br /> housing for persons of low and moderate income. <br /> • <br />