5. HRSR 08-01-2011 - Laserfiche WebLink

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any form to private development consisting of construction or substantial rehabilitation of buildings and ancillary facilities, if the following conditions exist: (1) Such assistance will create or retain jobs in the State of Minnesota, including construction jobs; (2) Construction commences before July 1, 2012; (3) The construction would not have commenced before that date without the assistance; (4) Tax increments under the Spending Plan are spent by December 31, 2012; and (4) The City Council approves a written spending plan (after a duly noticed public hearing) that specifically authorizes the Authority to take such actions. 1.03. The City Council and the Authority have adopted a spending plan for the following Tax Increment Financing District No. 16 (the "TIF District") in accordance with the Temporary TIF Authority Act (the "Spending Plan") to utilize existing tax increment revenues from the TIF Districts in order to stimulate construction or rehabilitation of private development in a way that will also create or retain jobs. 1.04. The Authority proposes to amend the Spending Plan to conform to the amendments to the Temporary TIF Authority Act and authorize the use of tax increments expected to be generated over the extended period. 1.05. On August 1, 2011, the City Council will hold a public hearing regarding amending the Spending Plan, for which notice was published in a newspaper of general circulation in the City at least once, not less than ten days nor more than 30 days prior to the hearing, and at which hearing all persons were given the opportunity to be heard. Section 2. Approval of the Amendment to Interfund Loan Resolution and Adoption of Spending Plan. (a) The Spending Plan for the TIF District, as amended, is hereby approved and adopted in substantially the form submitted to the Authority subject to approval by the City Council after the public hearing. (b) The Board hereby recommends approval of the Spending Plan, as amended, by the City Council following a public hearing. 369515v2 JSB EL185-12