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HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY CITY OF ST. ANTHONY HENNEPIN AND RAMSEY COUNTIES STATE OF MINNESOTA RESOLUTION NO. 06-007 RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT AREA NO. 3 AND ADOPTING A MODIFICATION TO THE TAX INCREMENT FINANCING PLANS FOR THE CHANDLER. PLACE - TAX INCREMENT FINANCING DISTRICT AND TAX INCREMENT FINANCING DISTRICT NO. 3-5* THEREIN. WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Housing and Redevelopment Authority of St. Anthony(the "HRA") and the City of St. Anthony (the "City") that the HRA adopt a Modification to the Redevelopment Plan (the "Redevelopment Plan Modification") for Redevelopment Project Area No. 3 and adopt a Modification to the Tax Increment Financing Plans (the "Tax Increment Plans Modificationn't or together with the Redevelopment Plan Modification, the "Modifications") for the Chandler Place Tax Increment Financing District and Tax Increment Financing District No. 3-5 (the "Districts "), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047, and Sections 469.174 to 469.1799, inclusive, as amended (the "Act"), all as reflected in the Modifications and presented for the Board's consideration; and WHEREAS, the HRA has investigated the facts relating to the Modifications and has caused the Modifications to be prepared; and AREAS, the HRA has performed all actions required by law to be performed prior to the adoption of the Modifications. The HRA has also requested the City Planning Commission to provide for review of and written comment on Modifications and that the Council schedule a public hearing on the Modifications upon published notice as required by law. NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The PIRA hereby reaffirms that the Districts as modified herein are in the public interest and that when the Chandler Place Tax Increment Financing District was established, it was established as a "housing district" under Minnesota Statutes, Section 469.174, subd. 11 and when Tax Increment Financing District No. 3 -5 was established, it was established as a "redevelopment district under Minnesota Statutes Section 469.174, subd. 10 (a)(1). And finds that the Modifications conform. in all respects to the requirements of the Act and will help fulfill a need to develop an area of the Sate of Minnesota which is already built up and that the adoption of the proposed Modifications will help provide employment opportunities in the State diversify the housing stock for the community, improve the tax base and improve the general economy of the State and thereby serves a public purpose. 2. The HRA further finds that the Modifications will afford maximum opportunity, consistent with the sound needs for the City as a whole, for the development or redevelopment of the project area by private enterprise in that the intent is to provide only that public assistance necessary to make the private developments financially feasible. 3. Conditioned upon the approval thereof by the City Councif following its public hearing thereon; the Modifications, as presented to the HRA on this date, are hereby approved, established and adopted and shall be placed on file in the office of the City Clerk. -06