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• approved an additional amendment to the Master Modification and the Tax Increment Financing <br /> Plan for the Chandler District which is entitled "2002 Amendments to Master Modification and <br /> Tax Increment Financing Plan for Chandler Place Tax Increment Financing District"(the "2002 <br /> Amendment") to include additional property in the area subject to the Redevelopment Plans and <br /> to amend the Financing Plan for the Chandler District to identify additional property which the <br /> HRA intends to acquire with tax increment revenues derived from the Chandler District and to <br /> authorize additional expenditure of tax increment revenue derived from the Chandler District. <br /> 2. This Council on January 8, 2002, held a public hearing on the 2002 Amendment after <br /> notice of the public hearing was published in the official newspaper of the City not less than ten <br /> (10) days prior to the date of the hearing. At such public hearing all persons desiring to be heard <br /> with respect to the 2002 Amendment were given an opportunity to express their views with <br /> respect thereto. <br /> 3. This Council has previously found that the Chandler District is a housing district <br /> within the scope of Minnesota Statutes Section 469.174, subdivision 11, and the 1996 <br /> Amendment will not change such prior findings. The 2002 Amendment further serves the <br /> original goals and purposes of the City and HRA in approving the Redevelopment Plans, the <br /> Redevelopment Projects and the Financing Plan for the Chandler District, by redeveloping <br /> property in the City and by providing needed facilities which will be of benefit to all residents of <br /> the City, including those residing in the area subject to the Redevelopment Plans. <br /> 4. Pursuant to Minnesota Statutes, Section 469.175, subdivision 4, it is hereby found <br /> • that: <br /> (A) Chandler Place Tax Increment District is a housing district, as defined in <br /> Minnesota Statutes, Section 469.174, subdivision 11, for the reasons set forth in previous <br /> findings by this Council, and the 2001 Amendment does not alter these previous findings. <br /> (B) The proposed development to be undertaken in accordance with the <br /> Redevelopment Plans, as amended by the Master Modification and the 2002 Amendment, <br /> in the opinion of this Council would not occur solely through private investment within <br /> the reasonably foreseeable future and therefor the use of tax increment financing is <br /> deemed necessary. <br /> (C) The Financing Plan for the Chandler District, as amended by the Master <br /> Modification, the 2001 Amendment and 2002 Amendment, conforms to the general plan <br /> for the development of the City as a whole. <br /> (D) The Financing Plan for the Chandler District, as amended by the Master <br /> Modification, the 2001 Amendment and the 2002 Amendment, will afford maximum <br /> opportunity consistent with the sound needs of the City as a whole for the development of <br /> the area subject to Redevelopment Plans by private enterprise. <br /> • -2- <br />