CC RES 03-082 A RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT AREA NO. 3; AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 3- 5 WITHIN REDEVELOPMENT PROJECT AREA NO. 3 AND APPROVING THE REMOVAL OF CERTAIN PARC

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1.05 The City is modifying the boundaries of Redevelopment Project Area No. 3. • Section 2. Findings for the Adoption and Approval of the Plans. 2.01. The Council hereby finds that the Plans, are intended and, in the judgment of this Council, the effect of such actions will be: (i) to provide an impetus for the redevelopment of blighted, obsolete, substandard, or deteriorating areas of the City in order to remove or prevent such conditions; (ii) to increase employment opportunities in the City; and (iii) to provide such other facilities and improvements as shall further the objectives in the Plans and Minnesota Statutes 469.001 through 469.047 Section 3. Findings for the Establishment of Tax Increment Financing District No. 3-5. 3.01. The Council hereby finds that Tax Increment Financing District No. 3-5 is in the public interest and is a "redevelopment district" under Minnesota Statutes, Section 469.174, subd. 10(a)(1). 3.02. The Council further finds that the proposed redevelopment would not occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the District permitted by the Tax Increment Financing Plan, that the Plans conform to the general plan for the development or redevelopment of the City as a whole; and that the Plans will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development or redevelopment of the District by private enterprise. • 3.03. The Council further finds, declares and determines that the City made the above findings stated in this Section and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. 3.04. The Housing and Redevelopment Authority of St. Anthony elects to calculate fiscal disparities for the District in accordance with Minnesota Statutes, Section 469.177, Subd. 3, clause b, which means the fiscal disparities contribution would be taken from inside the District. Section 4. Public Purpose. 4.01 The adoption of the Plans conforms in all respects to the requirements of the Act and will help fulfill a need to develop an area of the City which is already built up, to provide employment opportunities, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. Section 5. ARnroval and Adoption of the Plans. 5.01. The Plans, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Clerk. • 5.02. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Plans and to negotiate, draft, prepare and present to this Council for its consideration all further plans,resolutions, documents and contracts necessary for this purpose.