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<br />2.07. The Council hereby finds, determines and declares that the proposed parcels <br />located within the Proposed TIP District are identical to the parcels contained within Tax <br />Increment Financing District No. 24, for which a request for the decertification of Tax Increment <br />Financing District No. 24 was adopted by the Council on April 28, 1998 (the "Decertified TIF <br />DistricC). <br /> <br />2.08. The Council hereby finds, determines and declares that the Decertified TIP District <br />incurred certain liabilities during its qualification and creation as a tax increment financing district <br />and in analyzing proposed development options, and desires to transfer these liabilities from the <br />Decertified TIP District to the Proposed TIP District. <br /> <br />2.09. 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 modification to the Program reflecting increased project costs and increased <br />bonding authority within the Project Puea is hereby approved and adopted by the Council of the <br />City. <br /> <br />3.02. The modifications to the Existing TIP Plans reflecting increased project costs and <br />increased bonding authority within the Project Puea are hereby approved and adopted by the <br />Council of the City. <br /> <br />3.03. The creation of the Proposed TIF District within the Proj ect Area and the adoption of <br />the Proposed TIP Plan relating thereto are hereby approved by the Council of the City. <br /> <br />3.04. The outstanding liabilities incurred by the Decertified TIF District are hereby <br />transferred to the Proposed TIF District. <br /> <br />Section 4. Election of Citv Contribution. <br /> <br />4.01. The Council hereby elects to make a qualifying local contribution equal to 5.00% of <br />the tax increment generated from the Proposed TIF District, pursuant to Minnesota 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 filed <br />with the Minnesota Department of Revenue. <br /> <br />3 <br />