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Section 5. A~proval of the Finance Plan. 5.01. The Finance Plan for Tax Increment Financing-District No. 11 and Hazardous Substance Subdistrict No. 11A is hereby approved and adopted. 5.02. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Finance Plan and for this purpose to negotiate, draft, prepare and present to this council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. 5.03. The Auditor of Ramsey county is requested to certify the original net tax capacity of Hazardous Substance Subdistrict No. 11A, as described in the Finance Plan, and to certify in each year thereafter the amount by which the original net tax capacity have increased or decreased in accordance with the Act; and the City Manager is authorized and directed to forthwith transmit this request to the County Auditor in such form and content as the AUditor may specify, together with a list of all properties . within Hazardous Substance Subdistrict No. llA for which building permits have been issued during the 18 months immediately preceding the adoption of this resolution. Section 6. Fiscal DisDarities Election. The City will elect the method of tax increment computation set forth in Section 469.177, Subdivision 3, clause (b), pursuant to Minnesota statutes, section 469.175, Subdivision 3(5). The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Mastel , and upon vote being taken thereon, the following voted in favor thereof: P. Johnson, Wiski, Goedeke, Mastel, and V. Johnson, and the following voted against the same: None. Whereupon said resolution was declared duly passed and adopted. Dated; September 26, 1994. -~~ C1.ty Manager 5