Resolution 34-98 TIF 10

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 has established Redevelopment Project No. 1 (the “Project”) in the City and adopted a 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 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, Section 469.175, subdivision 3, the Authority has, by resolution submitted to this Council, requested that the City hold a public hearing on the TIF Plan and approve the TIF Plan.

1.05 Copies of 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 TIF Plan at a regular meeting of the Council to be held in City Hall on September 21, 1998, commencing at 6:30 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.

DULY PASSED AND ADOPTED BY THE MOUNTAIN IRON CITY COUNCIL THIS 17TH DAY OF AUGUST, 1998.

EXHIBIT A

NOTICE OF PUBLIC HEARING 

CITY OF MOUNTAIN IRON, MINNESOTA

ON APPROVAL OF A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 10 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 September 21, 1998, at 6:30 p.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 tax increment financing plan (the “TIF Plan”) for proposed economic development Tax Increment Financing District No. 10 (the “District”) within Redevelopment Project No. 1 in the City (the “Project”). The TIF Plan is 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. A draft copy of the TIF Plan is 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 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.

August 17, 1998

BY ORDER OF THE CITY COUNCIL

/s/ Craig Wainio

City Administrator