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CITY OF CENTERVILLE <br /> ANOKA COUNTY <br /> STATE OF MINNESOTA <br /> RESOLUTION 97 -20 <br /> RESOLUTION ADOPTING THE MODIFICATION TO THE TAX INCREMENT <br /> FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1 -3 <br /> BE IT RESOLVED by the City Council (the "Council') of the City of Centerville, <br /> Minnesota (the "City"), as follows: <br /> Section 1. Recitals. <br /> 1.01. The City has heretofore established Development District No. 1 and adopted the <br /> Development Program therefor and established Tax Increment Financing District No. 1 -3 and <br /> adopted the Tax Increment Financing Plan therefor. It has been proposed that the City modify the <br /> Tax Increment Financing Plan for Tax Increment Financing District 1 -3 ( "District No. 1 -3 ") to <br /> allow for the spending of additional tax increments generated from District No 1 -3 for the <br /> purchase of land within the City of Centerville. <br /> 1.02. The Council has investigated the facts and caused to be prepared the Modification <br /> to the Tax Increment Financing plan (the "Plan ") for Tax Increment Financing District No 1 -3. <br /> 1.03. The City has performed all actions required bylaw to be performed prior to the <br /> adoption and approval of the proposed Plan, including, but not limited to, notification of Anoka <br /> County and School District No. 12 having taxing jurisdiction over the property included in Tax <br /> Increment Financing District No. 1 -3, a review of and written comment on the Plan by the City <br /> Planning Commission, and the holding of a public hearing upon published notice as required by <br /> law. <br /> Section 2. Findings for the Adoption and Approval of the Plan <br /> 2.01 The Council hereby finds that the Plan, is intended and, in the judgement of this <br /> Council, the effect of such actions will be, to provide an impetus for development in the public <br /> purpose and accomplish certain objective as specified in the Plan, which are hereby incorporated <br /> herein. <br /> Section 3. Findings for the Modification of Tax increment Financing District No 1 -3 <br /> 3.01. The Council hereby reaffirms its original findings that Tax Increment Financing <br /> District No. 1 -3 is in the public interest and is an "economic development district' under <br /> Minnesota Statutues, Section 469.174, subd. 12. <br /> 3.02 The Council further finds that the proposed developments would not occur solely <br /> through private investment within the reasonable foreseeable future and that the increased market <br />