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CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. I1-116 APPROVING MODIFICATION OF DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND MODIFICATION OF TIF PLANS FOR TIF DISTRICT NOS. 5, 7, 10, 11 12, AND 20 BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota kiCity) as follows: Section 1. Recitals. i 1.01. The City has established and currently administers its Tax Increment Financing District Nos. 5, 7, 10, 11, 12 and 20 (the "TIF Districts") within Development District No. 1 (the "Development District'), all pursuant to Minnesota Statutes, Sections 1469.174 to 469.179 (TIF Act) and Sections 469.124 to 469.134 (Development District 1.02. Under Section 469.175, subd. 4 of the TIF Act, the City may modify the increment financing plan ("TIF Plan") for each of the TIF District without the notice hearings required for a new district, if the modification does not increase the mated cost of the project, including administrative expenses, that will be paid with tax ement from the TIF District, and does not make any of the other changes described in tion 469.175, subdivision 4(b). 1.03. New reporting forms issued by the Office of the State Auditor ("OSA"), removed "transfer out' as a line item, requiring review of previous cost estimates l in each TIF Plan in order to conform the plan estimates to the new reporting 1.04. ,The City has determined to reallocate the amounts designed as "transfers it" to other purposes, which change does not increase the total estimated tax increment penditure for each TIF District, and accordingly may be accomplished in a TIF Plan edification approved by resolution without other notices and procedures. 1105 -'The modifications are incorporated in a document tiled Modification to the -velopment Program for Development District No. 1 and the Modification to the Tax crement Financing Plans for Tax Increment Financing District Nos. 5, 7, 10, 11, 12 and Section 2. Modification Approved.