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<br />foreseeable future and that therefore the use of tax increment financing is necessary to <br />assist the project. <br /> <br />2.03. The expenditures proposed to be financed through tax increment financing are <br />necessary to permit the City to realize the full potential of the District in terms of <br />development intensity and tax base. <br /> <br />2.04. The creation of the Plan for Tax Increment Financing District No. 1-6 will afford maximum <br />opportunity, consistent with the sound needs of the City as a whole, for the development <br />of the tax increment financing district by private enterprise. <br /> <br />2.05. The Plan conforms to the plans for development of the City as a whole. <br /> <br />2.06. The City Council has relied upon the opinions and recommendations of its staff and the <br />personal knowledge of the members of the council in reaching its conclusions regarding <br />the creation of the Plan. <br /> <br />2.07. Tax Increment Financing District No. 1-6 is a redevelopment tax increment financing <br />district within the meaning of Minnesota Statutes Section 469.174, Subd. 10. <br /> <br />Section 3. Aooroval of the Tax Increment Financina Plan. <br /> <br />3.01. The Plan for Tax Increment Financing District No. 1-6 is hereby adopted and the district <br />is hereby created. <br /> <br />3.02. The Finance Director is authorized and directed to file a copy of the Plan for Tax <br />Increment Financing District No. 1-6 with the Minnesota Department of Revenue. <br /> <br />DATED: <br /> <br />ATTEST: <br /> <br />Teresa Bender, City Clerk <br /> <br />Mary Capra, Mayor <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by member <br /> <br />and upon vote being taken thereon, the following voted in favor thereof: <br /> <br />And the following voted against same: <br /> <br />Whereupon said resolution was declared duly passed and adopted. <br /> <br />21 <br />