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<br />Section 1. Recitals <br /> <br />1.01. It has been proposed that the City establish Tax <br />Increment Financing District No. 11 and No. 12, and approve and <br />adopt a modified Development Program and proposed Tax Increment <br />Financing Plans with respect to Development District No.1, all <br />pursuant to and in accordance with Minnesota Statutes, Sections <br />469.124 through 469.134, as amended, and Minnesota Statutes, <br />Sections 469.174 through 469.179, inclusive, as amended. <br /> <br />1.02. The Council has investigated the facts and has caused <br />to be prepared a modified Development Program for Development <br />District No. 1 and modified Tax Increment Financing Plans for Tax <br />Increment Financing Districts Nos. 1 through 10, defining more <br />precisely the increased project costs to be included in <br />Development District No.1, and describing the action to be <br />undertaken by the City to aid the development of Development <br />District No.1, and has caused to be prepared proposed Tax <br />Increment Financing Plans for Tax Increment Financing Districts <br />No. 11 and No. 12. <br /> <br />1.03. The City has performed all actions required by law to <br />be performed prior to the adoption of the modified Development <br />Program for Development District No.1, the establishment of Tax <br />Increment Financing District No. 11 and No. 12, and the adoption <br />of the proposed Tax Increment Financing Plans relating to Tax <br />Increment Financing Districts Nos. 1 through 10, including, but <br />not limited to, notification of Ramsey County and Independent <br />School District No. 621 and Special Intermediate School District <br />No. 916, consultation with the City's Planning Commission and the <br />holding of a public hearing upon published and mailed notice as <br />required by law. <br /> <br />Section 2. Findinqs for the Modification of the Development <br />Proqram for Development District No. 1 and the Creation of Tax <br />Increment Financing District No. 11 and No. 12. <br /> <br />The Council hereby finds that the modification of the <br />Development Program for Development District No. 1 and the <br />creation of Tax Increment Financing District No. 11 and No. 12 <br />are intended and, in the judgment of this Council, its effect <br />will be, to provide an impetus for commercial development in the <br />City, to increase employment and otherwise promote certain public <br />purposes and accomplish certain objectives as specified in the <br />Development Program and Tax Increment Financing Plans. <br /> <br />1115 <br /> <br />2 <br />