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RESOLUTION APPROVING MODIFICATIONS TO THE DEVELOPMENT PROGRAM <br /> FOR DEVELOPMENT DISTRICT NO. 1 <br /> AND <br /> TAX INCREMENT FINANCING PLAN FOR <br /> TAX INCREMENT FINANCING DISTRICT NO. 1-3 <br /> WHEREAS, the City of Pequot Lakes, Minnesota (the "City") has caused to be <br /> prepared a Tax Increment Financing Plan for Economic Development Tax Increment <br /> Financing District No. 1-3 (which document is herein referred to as the "Plan") attached <br /> hereto as Exhibit A and hereby incorporated herein, and has scheduled a hearing on the <br /> Plan and the creation of the related tax increment financing district; and <br /> WHEREAS, on April 23, 1990, by Resolution of the City, Development District No. <br /> 1 and the Development Program (the "Program") for said District were modified and are <br /> now proposed for further modifications; and <br /> WHEREAS, it is desirable and in the public interest that the City undertake and carry <br /> out the Development Program and Plan; and <br /> WHEREAS, the Program and Plan set forth the City's estimate of the fiscal and <br /> economic impact of the Tax Increment Financing District and the net tax capacities of all <br /> taxing jurisdictions in which the District is located; and <br /> WHEREAS, the Board of Commissioners of Crow Wing County, Minnesota, and the <br /> School Board of Independent School District No. 186 have been notified of the public <br /> hearing for the review of the Program and Plan, and have been supplied with prior <br /> information outlining the Plan; and <br /> WHEREAS, the City on the date hereof, after having published timely notice of the <br /> public hearing on the Program and Plan and on the Development District and the Tax <br /> Increment Financing District (together with maps of the District and Development District) <br /> in the official newspaper of the City, having conducted a public hearing on the Program and <br /> Plan and on the Development District and Tax Increment Financing District, and having <br /> received public comments on the same: <br /> NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF PEQUOT LAKES, <br /> MINNESOTA, AS FOLLOWS: <br /> 1 . Need for Development District. It is hereby found and determined that there <br /> is a need for the development activities in the Development District stated in <br /> the Development Program. <br />