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