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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEQUOT LAKES APPROVING TAX INCREMENT FINANCING DISTRICT NO. 1-2 AND THE USE OF TAX INCREMENT FINANCING WHEREAS, the City Council of the City of Pequot Lakes, Minnesota (the "City") , pursuant to a resolution adopted on OuLober 18, 1989 approved Development District No. 1 (the "Development District") and in connection therewith adopted a develop- ment program; and WHEREAS, it is desirable and in the public interest that the City undertake and carry out a tax increment financing plan for an economic development district pursuant to Chapter 469 of Minnesota Statutes, encompassing the area which is more particularly described on Exhibit A attached hereto and made a part hereof, (which area is herein called "Tax Increment Financing District No. 1-2" or the "Dis- trict") ; and WHEREAS, the City Council has reviewed "Tax Increment Financing Plan for Tax Increment Financing District No. 1-2", dated April 23, 1990 (the "Plan Booklet") , which sets forth a tax increment financing plan for the District; and WHEREAS, the Plan Booklet sets forth the City's estimate of the fiscal and economic impact of the tax increment financing district on the local tax rates of all taxing jurisdictions in which the District is located; and WHEREAS, the Board of Commissioners of Craw Wing County, Minnesota, has been notified of the public hearing for the review of the Plan Booklet; and WHEREAS, the School Board of Independent School District No. 186 has been II __ notified of the public hearing for the review of the Plan Booklet; and WHEREAS, the City has received and considered the comments of the Board of Commissioners of Crow Wing County and the School Board of the Independent School District No. 186 respecting the contents of the Plan Booklet; and WHEREAS, the City on April 23, 1990, after having published a notice of public hearing in the official newspaper of the City, conducted a public hearing on the Plan Booklet and received public contents on the same. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pequot Takes, Minnesota, as follows: 1. The City finds and determines that there is a need for the activities of Development District No. 1 to be financed in part by the tax increments from Tax Increment Financing District No. 1-2. 2. The City finds and determines that the activities to be financed by the tax increments from Tax Increment Financing District No. 1-2 will carry out the objectives of Development District No. 1 by encouraging development, creating jobs, enhancing the tax base and providing necessary services. 3. The City finds and determines that the provision for employment oppor- tunities, the preservation and enhancement of the tax base, and the provision of necessary services are in the public interest of the City and the expendi- tures of Tax Increment Financing District No. 1-2 are a public purpose. I I