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<br />-'! ~. <br /> <br />solely through private investment within the reasonably foreseeable future and, therefore, the <br />use of tax increment fmancing is deemed necessary. <br /> <br />2.07. The Council hereby finds, determines and declares that the City made the above <br />findings stated in this Section 2 and has set forth the reasons and supporting facts for each <br />determination in the Plans and Exhibit A of this Resolution. <br /> <br />Section 3. Approvals and Adoptions, <br /> <br />3.01. The modifications to the Program reflecting increased geographic area, increased <br />project costs and increased bonding authority within the Project Area are hereby approved and <br />adopted by the Council of the City. <br /> <br />3.02. The modifications to the Existing TIF Plans reflecting increased geographic area, <br />increased project costs and increased bonding authority within the Project Area are hereby <br />approved and adopted by the Council of the City. <br /> <br />3.03. The creation of the Proposed TIP District within the Project Area and the <br />adoption of the Proposed TIF Plan relating thereto are hereby approved by the Council of the <br />City. <br /> <br />Section 4. Election of City Contribution. <br /> <br />4.01. The Council hereby elects to make a qualifying local contribution equal to 5.00% <br />of the tax increment generated from the Proposed TIP District, pursuant to Mirmesota Statutes, <br />Section 273.1399. <br /> <br />Section 5. Filing of Plans. <br /> <br />5.01. Upon approval and adoption of the Plans, the City shall cause said Plans to be <br />filed with the Minnesota Department of Revenue. <br /> <br />Adopted by the Council of the City this? R t"h day of <br /> <br />April <br /> <br />,1998. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Council <br />Member ;, Oil m u ~ 1 g 0 n ' and upon vote being taken thereon, the following voted in favor <br />thereof: <br /> <br />Benke, Gunderman, Hoffman, Larson, Samuelson <br /> <br />and the following voted against the same: <br /> <br />None <br /> <br />3 <br />