Public Hearing RE Elements of Financial Package for rono Woods

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CITY OF ORONO HENNEPIN COUNTY STATE OF MINNESOTA Council member introduced the following resolution and moved its adoption: RESOLUTION NO. RESOLUTION ADOPTING THE REDEVELOPMENT PLAN FOR HOUSING PROJECT AREA NO. 1,ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1-1 THEREIN, AND ADOPTING THE TAX INCREMENT FINANCING PLAN THEREFOR. BE IT RESOLVED by the City Council(the"Council")of the City of Orono,Minnesota(the "City"),as follows: Section 1. Recitals. 1.01. It has been proposed by the Orono Housing and Redevelopment Authority (the "HRA") and the City that the City adopt the Development Plan for Housing Project Area No. 1, establish Tax Increment Financing District No. 1-1 (the "District") therein and adopt the Tax Increment Financing Plan therefor(collectively,the"Plans"); all pursuant to and in conformity with applicable law,including Minnesota Statutes,469.001 through 469.047 and 469.174 through 469.179, all inclusive, as amended, (the "Act") all as reflected in the Plans, and presented for the Council's consideration. 1.02. The City has investigated the facts relating to the Plans and has caused the Plans to be prepared. 1.03. The City has performed all actions required by law to be performed prior to the establishment of the District and the adoption and approval of the proposed Plans, including,but not limited to, notification of Hennepin County and Independent School District No. 278 having taxing jurisdiction over the property to be included in the District,and the holding of a public hearing upon published notice as required by law. 1.04. Other written reports and analysis(the"Supporting Data")relating to the Plans and to the activities contemplated therein have heretofore been prepared and submitted to the Council and/or made a part of the City files and proceedings on the Plans. The Supporting Data include data, information and/or substantiation constituting or relating to the bases for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies and adopts the Supporting Data,which are hereby incorporated into and made as fully a part of this resolution to the -1-