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CITY OF PEQUOT LAKES, MINNESOTA <br /> RESOLUTION <br /> RESOLUTION INITIATING PROCESS FOR APPROVAL <br /> OF DEVELOPMENT DISTRICT AMENDMENTS AND <br /> TAX INCREMENT FINANCING PLAN <br /> BE IT RESOLVED by the Council of the City of Pequot Lakes, <br /> Minnesota, as follows : <br /> 1 . Recitals . <br /> (a) The City has heretofore established, by a resolution <br /> adopted October 18, 1989, its Municipal Development District No. <br /> 1 (the "Development District" ) and Tax Increment Financing <br /> Districts No. 1 and 1-2 therein pursuant to the Minnesota <br /> Municipal Development District Act, whose successor statute is <br /> now codified in Minnesota Statutes, Sections 469 . 124 through <br /> 469 . 134 . <br /> (b) The City proposes to repeal the resolution adopted <br /> January 27, 1995 (which approved modifications to the development <br /> program for the Development District and approved a tax increment <br /> financing plan for proposed tax increment financing district No. <br /> 1-3) , since such proposed tax increment financing district has <br /> not yet been certified by the County Auditor of Crow Wing County <br /> and changes in the timing and nature of proposed development have <br /> made continued reliance on such proposed tax increment financing <br /> district and the tax increment financing plan therefor unwise . <br /> (c) The City proposes to establish the same area as tax <br /> increment financing district No. 1-3 , making related <br /> modifications to the development program and adopting a tax <br /> increment financing plan, in each case appropriate to the City' s <br /> current goals for development . <br /> (d) It has been proposed that the City expand the <br /> Development District; amend the Development Program for the <br /> Development District (the "Program" ) to expand its goals, <br /> objectives, activities, and budgets; and create Economic <br /> Development Tax Increment Financing District No. 1-3 (the "Tax <br /> Increment District" ) and adopt a tax increment financing plan <br /> therefor (the "Plan" ) , in part to reflect such amended goals and <br /> development activities; all pursuant to such provisions of <br /> Minnesota Statutes, Sections 469 . 124 through 469 . 134 and 469 . 174 <br /> through 469 . 179, respectively, as may be applicable thereto. <br /> 322445.1 1 <br />