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NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville as follows: 1. Development District No. 1. There has heretofore been established in the City a municipal Development District No. 1, the initial boundaries of which are fixed and determined as described in the Development Program. 2. Development Pro ram. The Development Program, as modified, for Development District No. 1, a copy of which is on file in the office of the City Manager, is adopted as the development program for Development District No. 1. 3. '!~'IF District No. 19. There is hereby established in the City within Development District No. 1 a Tax Increment Financing District, the initial boundaries of which are fixed and determined as described in the TIF Plan. 4. Tax Increment Financing Plan. The TIF Plan is adopted as the tax increment financing plan for TIF District No. 19, and the City Council makes the following findings: (a) (TIF District No. 19 is an economic development district as defined in Minnesota Statutes, Section 469.174, Subd. 12, the specific basis for such determination being that the construction and equipping of an approximately 94-unit senior cooperative located in the City to be constructed in two Phases, Phase 1 would be on the east half of the site and include approximately 50 senior coop units and Phase 2 would be on the west end of the site and include the remaining 44 senior coop units, (the "Project") will increase employment in the State, help prevent the emergence of blight and result in the preservation and enhancement of the tax base of the State. The construction of the Project would not commence prior to July 1, 2011 without the tax increment financing to be provided. (b) The proposed development in the opinion of the City Council, would not occur solely through private investment within the reasonably foreseeable future. The reasons supporting this finding are that: (i) Private investment will not finance these development activities because of prohibitive costs and modest rate of return. It is necessary to finance these development activities through the use of tax increment financing so that development by private enterprise will occur within Development District No. 1.