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<br />It will enable the City to provide suitable sites for future development;
<br />thereby encouraging redevelopment in the area.
<br />
<br />Section 4. Approval of the Tax Increment Financing Plan.
<br />
<br />4.01. The Tax Increment Financino Plan for Tax Increment Financina
<br />- - - - - - - - - - - -- - - - - - - - - - . - '-I ....,
<br />
<br />District No. 15 is hereby approved and adopted.
<br />
<br />4.02. The staff of the City, the City's advisors and legal counsel are
<br />authorized and directed to proceed with the implementation of the Tax Increment
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<br />this Council for its consideration all further plans, resolutions, documents and
<br />contracts necessary for this purpose.
<br />
<br />4.03. The Auditor of Ramsey County is requested to certify the original net
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<br />Increment Financing Plan, and to certify in each year thereafter the amount by
<br />which the original net tax capacity have increased or decreased in accordance
<br />with the Act; and the City Manager is authorized and directed to forthwith transmit
<br />this request to the City Auditor in such form and content as the Auditor may
<br />
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<br />District No. 15 for which building permits have been issued during the 18 months
<br />immediately preceding the adoption of this resolution.
<br />
<br />Section 5. Fiscal Disparities Election. The City elects the method of tax
<br />increment computation set forth in Section 469.177, Subdivision 3, clause (b),
<br />pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 (5). By this
<br />election, the City desires that a portion of the contribution to the fiscal disparities
<br />area wide pool come from Tax Increment Financing District No. 15. It has been
<br />estimated that 60% of the projected tax increments will be retained while 40% will
<br />be contributed to the area wide fiscal disparities pool.
<br />
<br />. The motion for the adoption of the foregoing resolution was duly seconded
<br />
<br />
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<br />voted in favor thereof: Mastel, Wiski, Goedeke, Maschka and Wall, and the
<br />following voted against the same: None.
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<br />4
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