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private development consisting of construction or substantial rehabilitation of buildings and <br />ancillary facilities, if the following conditions exist: <br />(1) Such assistance will create or retain jobs in the State of Minnesota, including <br />construction jobs; <br />(2) Construction commences before July 1, 2012; <br />(3) The construction would not have commenced before that date without the <br />assistance; <br />(4) Tax increments under the Spending Plan are spent by December 31, 2012; and <br />(4) The City Council approves a written spending plan (after a duly noticed public <br />hearing) that specifically authorizes the Authority to take such actions. <br />1.03. The City Council and the Authority have adopted a spending plan for the following <br />Tax Increment Financing District No. 16 (the "TIF District") in accordance with the Temporary TIF <br />Authority Act (the "Spending Plan") to utilize existing tax increment revenues from the TIF <br />Districts in order to stimulate construction or rehabilitation of private development in a way that <br />will also create or retain jobs. <br />1.04. The Authority proposes to amend the Spending Plan to conform to the amendments <br />to the Temporary TIF Authority Act and authorize the use of tax increments expected to be <br />generated over the extended period. <br />1.05. On this date, the City Council held a public hearing regarding amending the <br />Spending Plan, for which notice was published in a newspaper of general circulation in the City at <br />least once, not less than ten days nor more than 30 days prior to the hearing, and at which hearing <br />all persons were given the opportunity to be heard. <br />Section 2. Approval of the Spending Plan. <br />2.01 The Spending Plan for the TIF District, as amended, is hereby approved and adopted <br />in substantially the form submitted to the City. <br />2.02 The Authority is hereby authorized to carry out the terms of the Spending Plan in <br />such manner as it determines, subject to compliance with all terms and conditions of the <br />Temporary TIF Authority Act, as amended. <br />• <br />369802v2 JSB EL185-12 <br />