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<br />-~ <br /> <br />.' <br /> <br />2.05. The Council hereby finds, determines and declares <br />that proposed Tax Increment Financing Districts No. 1 and No. 2 <br />constitute "tax increment financing districts" as defined in <br />Minnesota statutes, Section 469.174, Subdivision 9, and further <br />Tax Increment Financing District No. 1 constitutes a type of <br />"economic district" and Tax Increment Financing District No. 2 <br />constitutes a type of "redevelopment district" as defined in <br />Minnesota Statutes, Section 469.174, Subdivisions 12 and 10. <br /> <br />2.06. The Council hereby finds, determines and declares <br />that the proposed development or redevelopment in Tax Increment <br />Financing Districts No. 1 and No.2, in the opinion of the <br />Council, would not occur solely through private investment within <br />the reasonably foreseeable future and, therefore, the use of the <br />tax increment financing is deemed necessary. <br /> <br />2.07. The Council hereby finds, determines and declares <br />that the City made the above findings stated in this Section 2 <br />and has set forth the reasons and supporting facts for each <br />determination in the Development Program and Tax Increment <br />Financing Plans, and Exhibits A and B of this Resolution. <br /> <br />Section 3. Approval of the Establishment of Development <br />District No. l and the Approval and Adoptio~ of th~ Development <br />PLUqram Relatinq Thereto. <br /> <br />. <br /> <br />3.01. The establishment of Development District No.1 and <br />the approval and adoption of the Development Program relating <br />thereto are hereby approved and adopted by the Council of the <br />City of Arden Hills. <br /> <br />Section 4. Approval of the Creation of Tax Increment <br />Financinq Districts No. l and No. ~ and the Approval and Adoption <br />of the Tax Increment Financinq Plans Relatinq Thereto. <br /> <br />4.01. The creation of Tax Increment Financing Districts <br />No. 1 and No. 2 of Development District No. 1 and the approval <br />and adoption of the Tax Increment Financing Plans relating <br />thereto are hereby approved and adopted by the Council of the <br />City of Arden Hills. <br /> <br />Section 5. Filinq of Plans. <br /> <br />6.01. Upon approval and adoption of the Development Program <br />and Tax Increment Financing Plans (collectively the "Plans"), the <br />Council shall cause said Plans to be filed with the Minnesota <br />Department of Trade and Economic Development. <br /> <br />. <br /> <br />3 <br />