Public Hearing RE Elements of Financial Package for rono Woods

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NT ORONO HOUSING AND REDEVELOPMENT AUTHORITY CITY OF ORONO HENNEPIN COUNTY STATE OF MINNESOTA RESOLUTION NO. RESOLUTION ADOPTING THE REDEVELOPMENT PLAN FOR HOUSING PROJECT NO. 1; AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1-1 WITHIN HOUSING PROJECT NO. 1 AND ADOPTING THE TAX INCREMENT FINANCING PLAN THEREFOR. WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Orono Housing and Redevelopment Authority(the "HRA")and the City of Orono(the"City")that the HRA adopt the Development Plan for Housing Project No. 1 and establish Tax Increment Financing District No. 1-1 and adopt the Tax Increment Financing Plan therefor,(collectively,the"Plans"),all pursuant to and in conformity with applicable law,including Minnesota Statutes,Sections 469.001 through 469.047,and Sections 469.174 to 469.179, inclusive, as amended (the "Act"), all as reflected in the Plans and presented for the Board's consideration; and WHEREAS,the City has investigated the facts relating to the Plans and has caused the Plans to be prepared; and WHEREAS,the City has performed all actions required by law to be performed prior to the adoption of the Plans. The City has also requested the Council schedule a public hearing on the Plans upon published notice as required by law. NOW,THEREFORE, BE IT RESOLVED by the Board as follows: 1. The HRA hereby finds that Tax Increment Financing District No. 1-1 is in the public interest and is a"housing district"under Minnesota Statutes,Section 469.174,subd. 11 and Minnesota Statutes,and finds that the adoption of the proposed Plans conforms in all respects to the requirements of the Act and will facilitate the development of a parcel of land in the City that due to a variety of conditions and reasons has remained undeveloped and will result in the construction of needed decent, safe and sanitary housing for persons of low and moderate income and thereby serves a public purpose. 2. The HRA further finds that the Plans will afford maximum opportunity,consistent with the sound needs for the City as a whole, for the development or redevelopment of the project area by private enterprise in that the intent is to provide only that public assistance necessary to make the private developments financially feasible. 3. Conditioned upon the approval thereof by the City Council following its public hearing thereon,the Plans,as presented to the HRA on this date,are hereby approved,established and adopted and shall be placed on file in the office of the City Administrator. 4. Upon approval of the Plans by the City Council, the staff, the HRA's advisors and legal counsel are authorized and directed to proceed with the implementation of the Plans and for this purpose to -1-