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_ ... .. ... ........ ..... . ... .... .. .. Seciion 2. Findin s for the Ado tion and A raval of the Devela ment Pro am Modif cation. 2A 1. The Council approves the Development Program Mociification, and specifically finds that: (a) the land within the Project area as expanded would not be available for redevelopment without the financial aid to be sought under this Development Program; (b) the Development Program, as modified, will afFard rnaximum opportunity, consistent with the needs of the City as a whole, for the development of the Pro�ect by private enterprise; and (c} that the DeveIopment Pragram, as modified, conforms to the general plan for the development of the City as a whole. Section 3. Findings for the Establishment of T� Increment Financing Districi No. 4 3.01. The Council hereby finds that #he District is in the public interest and is a"renewal and renovation district" under Minnesota Statutes, Section 4b9.174, Subd. 10a of ihe Acf. 3.42. The Councii further finds that the propas�d redevelopment would not occur sotely through privatie investment within the reasonably foreseeable future and that the increased naarket value of the site that could reasonably be expected to occur without the use of tax increment financing would be iess than the increase in the marke� value estirnated to result fronn the proposed development after subtracting the present value of the projec#ed tax increments for the maximum duration of the District permitted by the TIF' Plan, that the Program and Plan conform to the general plan %r the development or redeveIopment of the City as a whole; and that the Program and P1an will afford maxitz�um opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of Development District Na 1 by pri�ate enterprise. 3.03. The Council further finds, declares and deterrriines that the Cify made the above findings stated in this Section and has set forth the reasons and supporting facts for each determination in writing, attached hereto as E�ibit A. 3.04. The City elects to calculate fiscal disparities for the District in accordance with Section 469.T77, Subd. 3, paragraph b af the Act, which means the fiscal disparities contribution would be talcen from inside the District. Section 4. Public Purpose 4.01. The adoption of the Program and Plan conforms in all respects to the requirernents af the Act and will help ful�ll a need to develop an area of the City which is already built up, to provide einployment opportunities, to improve the tax base and #o improve the general ecanomy of the State and thereby serves a public purpose. For the reasons described in E�ibit A, the City believes these benefits directly derive from the tax increment assistance provided under the TIF Plan. A private developer wil� receive only the assistance ne�ded to make this development fnancially feasible. As such, any private benefits received by a developer are incidental and do not outweigh the primary public benefits. Section 5. Ap�ro�aI and Adoption of the Pro�ram and Plan 5.01. The Program and Plan, as presented to the Council on this date, including withaut limitation the �ndings and statements of ab}ectives contained therein, are hereby approved, ratified, estabIished, and adopted and shail be placed on file in the office of the City Administrator. 5.02. The staff of the City, the City's advisors and iegal counsel are authorized and directed to proceed with the implementation of the Program and Plan and to negatiate, draft, prepare and present to this Council for its consideration al] further plans, resolutions, documents and contracts necessary for this