CC RES 92-035 RESOLUTION APPROVING 1992-B AMENDMENTS TO THE KENZIE TERRACE REDEVELOPMENT PLAN AND THE KENZIE TERRACE TAX INCREMENT FINANCING PLAN AND MAKING FINDINGS WITH RESPECT THERETO

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RESOLUTION NO. 9 2-0 3 5 RESOLUTION APPROVING 1992-B AMENDMENTS TO THE KENZIE TERRACE REDEVELOPMENT PLAN AND THE KENZIE TERRACE TAX INCREMENT FINANCING PLAN AND MAKING FINDINGS WITH RESPECT THERETO BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota as follows: 1. The Commissioners of the Housing and Redevelopment Authority of St. Anthony, Minnesota (the "HRA") and the City of St. Anthony, Minnesota (the "City"), have previously approved the Kenzie Terrace Redevelopment Plan (the "Redevelopment Plan") and the Kenzie Terrace Redevelopment Project (the "Redevelopment Project") to be undertaken pursuant thereto, and in order to finance the public redevelopment costs to be incurred by the City and the HRA in connection with the Redevelopment Plan and the Redevelopment Project, the HRA and the City have approved the Kenzie Terrace Tax Increment Financing Plan (the "Financing Plan"), which establishes the Kenzie Terrace Tax Increment Financing District (the "District"). The Board of Commissioners of the HRA has approved amendments to the Redevelopment Plan and the Financing Plan which are entitled "1992-B Amendments to the Kenzie Terrace Redevelopment Plan and the Kenzie • Terrace Tax Increment Financing Plan" (the "1992-B Amendments"). The 1992-B Amendments include additional property in the Redevelopment Plan and Redevelopment Project and authorize the expenditure of tax increment revenues derived from the District to pay the public redevelopment costs of the HRA and City in connection with the development or redevelopment of the Additional Property. 2. This Council on July 28, 1992, held a public hearing on the 1992-B Amendments after notice of the public hearing was published in the official newspaper of the City not less than ten (10) days prior to the date of the hearing. At such public hearing all persons desiring to be heard with respect to the 1992-B Amendments were given an opportunity to express their views with respect thereto. 3. This Council has previously found that the District is a housing district and redevelopment district within the scope of the Minnesota Tax Increment Financing Act (the "Act"), and the 1992-B Amendments will not change such prior finding. The 1992-B 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 redeveloping the area included in the Redevelopment Plan. 4. Pursuant to Minnesota Statutes, Sections 469.028, subdivision 2 and • 469.175, subdivision 4, it is hereby found that: