Res. #13-001 - Modifying Municipal Development District No. 1 & Modifying the Development Program & Est. Dis. No. 7

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be included in Tax Increment Financing (Economic Development) District No. 7 and the holding of a public hearing upon published and mailed notice as required by law; and D. The City has received written comments from Anoka County and Centennial Public Schools on the proposed modification of Municipal Development District No. 1 and modification of the Development Program, and the establishment of Tax Increment Financing (Economic Development) District No. 7 and the proposed Tax Increment Financing Plan; and NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Centerville as follows: 1. Municipal Development District No. 1 The Modification to Development Program (the "Development Program ") for Municipal Development District No. 1 (the "Development District ") contained in Article H of the Tax Increment Financing Plan for Tax Increment Financing (Economic Development) District No. 71 is hereby ratified and affirmed. 2. Tax Increment Financing (Economic Development) District No. 7 There is established in the City within the Development District a Tax Increment Financing (Economic Development) District No. 7 (the "Tax Increment District "), the initial boundaries of which are fixed and determined as described in the Tax Increment Financing Plan. 3. Tax Increment Financing Plan The Tax Increment Financing Plan is adopted as the tax increment financing plan for the Tax Increment District, and the City Council makes the following findings: (a) The Tax Increment District is an economic development district as defined in Minnesota Statutes, Section 469.174, Subd. 12, and development in the Tax Increment District will result in increased employment in the State and the preservation and enhancement of the tax base of the State. (b) Development in the TIF District will create or retain jobs in this state, including construction jobs, through the construction of commercial improvements in the TIF District. (c) The proposed development in the opinion of the City Council, would not occur solely through private investment. The reasons supporting this finding are that: (i) The need for the use of tax increment financing has been determined in negotiations with the developer of the project. The City has reviewed the project proposed by the Developer and alternatives for the expansion of the existing business within the City and has confirmed the developer's inability to undertake the project within the City without the improvements provided by the City. Tax increments are need to assist with the financing of certain costs of the project. 2