CC RES 06-027 RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT ARE NO. 3 AND ADOPTING A MODIFICATION TO THE TAX INCREMENT FINANCING PLANS FOR THE CHANDLER PLACE TAX INCREMENT FINANCING DISTRICT AND TAX INCREMENT FINAN

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In addition,the City makes the following findings: • (a) The Tax Increment Plan Modifications conform to the general plan for development or redevelopment of the City as a whole. The reason for supporting this finding is that the Tax Increment Plans Modification will generally complement and serve to implement policies adopted in the City's comprehensive plan. (b) The Tax Increment Plans Modification will afford maximum opportunity,consistent with the sound needs of the City as a whole,for the development or redevelopment of Redevelopment Project Area No.3. The reason for supporting this finding is that the development activities are necessary so that development and redevelopment by private enterprise can occur within Redevelopment Project Area No. 3. (c) The Tax Increment Plan Modifications organize and update the budgets according to the Office of State Auditor(OSA)reporting forms. Section 3. Public Purpose 3.01. The adoption of the Modifications conform in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State which is already built up,to provide employment opportunities,to diversify the housing stock for the community,to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. Section 4. Approval and Adoption of the Modifications,•Filing 4.01. The Modifications are hereby approved,and shall be placed on file in the office of the City Clerk. • Approval of the Modifications does not constitute approval of any project or a development agreement with any developer. 4.02. The staff of the City are authorized to file the Modifications with the Minnesota Department of Revenue and Office of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a. 4.03. The staff of the City,the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Modifications and for this purpose to negotiate,draft,prepare and present to this Council for its consideration all further modifications,resolutions, documents and contracts necessary for this purpose. The motion for the adoption of the foregoing resolution was duly seconded by Council member LQ%eVI ,and upon a vote being taken thereon,the following voted in favor thereof. and the following voted against the same: Dated:March 14,2006 ATTEST: r or Pro T City Cler • (Seal)