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HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY CITY OF ST. ANTHONY I ENNBPIN AND RAMSEY COUNTIES STATE OF NENNESOTA RESOLUTION NO. 06-011 RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT AREA NO. 3 AND ADOPTING A MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.3 THEREIN. WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Housing and Redevelopment Authority of St. Anthony(the "BRA") 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 Plan (the "Tax Increment Plan Modification" or together with the Redevelopment Plan Modification, the "Modifications") for Tax Increment Financing District No. 3 (the "District"), 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 BRA has investigated the facts relating to the Modifications and has caused the Modifications to be prepared; and WHEREAS, 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 HRA hereby reaffirms, that the District as modified herein is in the public interest and that when Tax Increment Financing District No. 3 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, 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 Council 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. 4. - Upon approval of the Modifications by the City Council, the staff, the MRA'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 Board for its consideration all further plans, resolutions, 6