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(b) The Tax Increment Plan Modification will afford maximum opportunity, consistent with the sound <br /> • needs of the City as a whole, for the development or redevelopment of Redevelopment Project <br /> Area No. 3. The reason for supporting this finding is that the development activities are necessary <br /> so that development and redevelopment by private enterprise can occur within Redevelopment <br /> Project Area No. 3. <br /> (c) The Tax Increment Plan Modification provides budgetary authority to utilize increased tax <br /> increment and to modify the budget to reflect actual project activity and to bring it into compliance <br /> with the State Auditor budget requirements. <br /> Section 3. Public Purpose <br /> 3.01. The adoption of the Modifications conform in all respects to the requirements of the Act <br /> and will help fulfill a need to develop an area of the State which is already built up, to provide <br /> employment opportunities,to diversify the housing stock for the community,to improve the tax base and <br /> to improve the general economy of the State and thereby serves a public purpose. <br /> Section 4. Approval and Adoption of the Modifications; Filing, <br /> 4.01. The Modifications are hereby approved, and shall be placed on file in the office of the City <br /> Clerk. Approval of the Modifications does not constitute approval of any project or a development <br /> agreement with any developer. <br /> 4.02. The staff of the City are authorized to file the Modifications with the Minnesota <br /> Department of Revenue and Office of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a. <br /> • 4.03. The staff of the City, the City's advisors and legal counsel are authorized and directed to <br /> proceed with the implementation of the Modifications and for this purpose to negotiate, draft,prepare and <br /> present to this Council for its consideration all further modifications,resolutions, documents and contracts <br /> necessary for this purpose. <br /> The motion for the adoption of the foregoing resolution was duly seconded by Council member <br /> L and upon a vote being taken thereon,the following voted in favor thereof- <br /> and <br /> hereofand the following voted against the same: <br /> Dated: August 22,2006 <br /> ATTEST: <br /> i <br /> Mayo City Clerk <br /> (Seal) <br /> • <br />