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the City as a whole for the development of the Development District by private <br />enterprise. The specific basis for such finding being: <br />The development proposed to occur within the TIF District will <br />afford maximum opportunity for the development of the applicable <br />parcels consistent with the needs of the City and the removal of <br />blighted buildings and public infrastructure improvements will <br />increase the potential for future redevelopment. The development <br />will increase the taxable market valuation of the City. The TIF Plan, <br />as amended by the Modification, will help finance the infrastructure <br />necessary for the proposed development. <br />3.04. The Council further finds that the TIF Plan, as amended by the <br />Modification, is intended and in the judgment of the Council its effect will be to promote the <br />public purposes and accomplish the objectives specified therein. <br />3.05. Reasons and facts supporting all the above findings are set forth in the TIF <br />Plan, as amended by the Modification, and are incorporated herein by reference. <br />Section 4. Approval of the Modification to the Tax Increment Financing Plan. <br />4.01 The Modification is hereby approved and adopted in substantially the form <br />on file in City Hall. <br />4.02 The staff of the City is hereby directed to file a copy of the Modification with <br />the County Auditor of Sherburne County. The staff of the City is also directed to file a copy <br />of the Modification with the Minnesota Commissioner of Revenue, and the Office of the <br />State Auditor as required by the TIF Act. <br />Passed and adopted this 21 day of September 2020. <br />ATTEST: <br />Tina Allard, City Clerk <br />i <br />141. ietz, M or <br />P 0 w E 8 E 0 B I <br />NATUREJ <br />