Resolution 06-99 TIF 11

BE IT RESOLVED by the City Council (the “Council”) of the City of Mountain Iron, St. Louis County, Minnesota (the “City”), as follows:

Section 1. Findings.

1.01 Pursuant to Minnesota Statutes, Sections 469.001 through 469.047 and Sections 469.174 through 469.179, the Housing and Redevelopment Authority in and for the City of Mountain Iron (the “Authority”) has been established and is authorized to exercise development and redevelopment powers.

1.02 In furthering the objectives of the Authority, the Authority is considering a modification to Redevelopment Project No. 1 (the “Project”) in the City, and adoption of a modified and restated redevelopment plan (the “Redevelopment Plan”) therefor pursuant to Minnesota Statutes, Sections 469.027, 469.028 and 469.029, subdivision 5.

1.03 The Authority is additionally considering establishment of a tax increment financing district (the “District”) within the Project and adoption of a tax increment financing plan (the “TIF Plan”) therefor pursuant to Minnesota Statutes, Sections 469.174 through 469.179.

1.04 Pursuant to Minnesota Statutes, Sections 469.028, subdivision 1 and 469.175, subdivision 3, the Authority has, by resolution submitted to this Council, requested that the City hold a public hearing on the Redevelopment Plan and the TIF Plan and approve the Redevelopment Plan and the TIF Plan.

1.05 Copies of the Redevelopment Plan and the TIF Plan have been submitted to the Council and have been placed on file in the office of the City Administrator (the “Administrator”).

Section 2. Public Hearing.

2.01 The Council will hold a public hearing on the Redevelopment Plan and the TIF Plan at a regular meeting of the Council to be held in City Hall on May 17, 1999, commencing at 6:35 p.m. The Administrator, or his designee, is authorized and directed to publish the Notice of Public Hearing and maps of the Project and District attached hereto as Exhibit A in a newspaper of general circulation in the City not less than 10 nor more than 30 days prior to the date of the public hearing.

Adopted and duly approved this 15th day of March, 1999.

CITY OF MOUNTAIN IRON, MINNESOTA

NOTICE OF PUBLIC HEARING

ON APPROVAL OF A MODIFIED AND RESTATED REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1 AND APPROVAL OF A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 11 AS PROPOSED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MOUNTAIN IRON, MINNESOTA

NOTICE IS HEREBY GIVEN that the City Council of the City of Mountain Iron, St. Louis County, Minnesota (the “City”), will conduct a public hearing in the City Hall in the City on Monday, May 17, 1999, at 6:35p.m., or as soon thereafter as the matter can be considered, to consider the proposal of the Housing and Redevelopment Authority in and for the City of Mountain Iron (the “HRA”) to approve a modified and restated redevelopment plan (the “Redevelopment Plan”) for Redevelopment Project No. 1 and a tax increment financing plan (the “TIF Plan”) for proposed economic development Tax Increment Financing District No. 11 (the “District”) within Redevelopment Project No. 1 in the City (the “Project”). The Redevelopment Plan and the TIF Plan are proposed to be approved pursuant to Minnesota Statutes, Chapter 469.

The legal descriptions of the Project and the District are set forth in the TIF Plan. Draft copies of the Redevelopment Plan and the TIF Plan are available for public inspection in the office of the City Administrator during normal business hours.

Any person wishing to be heard with respect to the approval of the redevelopment Plan and the TIF Plan will be heard orally or in writing at the public hearing.

Adjacent to this notice is a map showing the boundaries of the District wherein tax increments may be collected and the Project in which tax increments may be expended pursuant to Minnesota Statutes, Sections 409.174 through 469.179.

March 15, 1999

BY ORDER OF THE CITY COUNCIL

/s/ Craig Wainio

City Administrator