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1 • 4. The City finds and determines that the tax increment financing plan as set <br /> forth in the Plan Booklet having been duly reviewed and considered is hereby <br /> approved and adopted, and the area described in Exhibit A hereto is hereby <br /> I designated an Economic Development District pursuant to Section 469.174, Subd. _ <br /> 12 of Minnesota Statutes. <br /> I 5. The City finds and determines that Tax Increment Financing District No. 1-2 <br /> is an Economic Development District because it will rpzult in increased <br /> employment in the City, that it will result in preservation and enhancement of <br /> the tax base of the City and that it will assist in the provision of necessary <br /> services. <br /> 6. The City finds and determines that the proposed development, in the opinion <br /> 1 of the City, would not reasonably be expected to occur solely through private <br /> investment within the reasonably foreseeable future and therefore the use of <br /> tax increment financing is deemed necessary. <br /> 1 7. The City finds and determines that the tax increment financing plan will <br /> afford maximum opportunity, consistent with the sound needs of the City as a <br /> whole, for the development of the District by private enterprise. <br /> 1 8. The City finds and determines that the tax increment financing plan set <br /> forth in the Plan Booklet conforms to the general plan for the development of <br /> Ithe City as a whole. <br /> 9. The reasons and supporting facts for findings 5, 6, 7 and 8 as set forth on <br /> pages 5 and'6 of the Plan Booklet are by this reference confirmed, approved and <br /> adopted. <br /> 10. The City Clerk is hereby directed to file a copy of this resolution with a _ <br /> 1 copy of the Plan Booklet to the Minnesota Department of Revenue. <br /> 11. The City Clerk shall request the auditor of Crow Wing County to certify the <br /> original net tax capacity and local tax rate of the District approved by this <br /> resolution. <br /> I 13. The City hereby states its intention to use all of the captured net tax <br /> capacity for purposes of tax increment financing as per the conditions set <br /> forth in the Plan Booklet. <br /> IAdopted by the Pequot Lakes City Council this (-2 3 day of Li' , 1990. <br /> Larry Halter <br /> Mayor <br /> AT'T'EST: ' <br /> (fa. /e00,4 6ci; <br /> I Terri Russell <br /> City Clerk <br /> I <br /> II <br />