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2.0 1. The City is not modifying the boundaries of Development District No. 1. <br />2.02. The Council hereby reaffirms the original findings for Tax Increment Financing DistrictNo. <br />1-1 as modified herein, namely that Tax Increment Financing District No. 1-1 is in the public interest and <br />is a "redevelopment district" under Minnesota Statutes, Section 469.174, subd. 10 (a)(1) and that the <br />proposed development would not occur solely through private investment within the reasonably foreseeable <br />future and therefore the use of tax increment financing is deemed necessary, the Modifications conform to <br />the general plan for the development or redevelopment of the City as a whole, and that the Modifications will <br />afford maximum opportunity consistent with the sound needs of the city as a whole, for the development of <br />Development District No. 1 by private enterprise. <br />2.03. The reasons supporting these findings are that private investment will not finance these <br />development activities due to prohibitive costs, and therefore it is necessary to finance these redevelopment <br />activities through the use of tax increment financing so that other development by private enterprise will <br />occur within Development District No. 1; Tax Increment Financing District No. 1-1 is properly zoned; the <br />Modification of the Tax Increment Financing Plan conforms to the City's comprehensive plan for <br />redevelopment and development; and the development activities are necessary so that development and <br />redevelopment by private enterprise can occur within Development District No. 1. <br />Section 3. Public Purpose. <br />3.01. The Council hereby finds that the Modifications conform in all respects to the requirements <br />of the Act and are intended and, in the judgement of this Council, the effect of such actions will be to help <br />fulfill a need to develop an area of the City which is already built up, to provide employment opportunities, <br />to improve the tax base and to improve the general economy of the State and hereby serves a public purpose. <br />Section 4. Approval of the Modifications: Filing_ <br />4.01. The Modification to the Development Program for Development District No. 1 and the <br />Modification to the Development Program for Tax Increment FinancingDistrictNo. l -1 are hereby approved, <br />and shall be placed on file in the office of the Finance Director. Approval of the Modifications does not <br />constitute approval of any project or a Development Agreement with any developer. <br />4.02. The staff of the City are authorized to file the Modifications with the Commissioner of <br />Revenue and the Washington County Auditor. <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 plans, resolutions, documents and contracts necessary <br />for this purpose. <br />The motion for the adoption of the foregoing resolution was duly seconded by Council member <br />Jim Leroux , and upon a vote being taken thereon, the following voted in favor thereof: <br />Debra Barnes, Chuck Haas, Jim Leroux, Becky Petryk, Walter Stoltzman <br />and the following voted against the same: NONE <br />