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. . . . expressed an interest in developing the unimproved land that comprises the District. Without tax increment financing of the costs of the land acquisition and site and utility improvements proposed by the Development Program, private investment would not develop the District within the reasonably foreseeable future. 3.04. This Council hereby fmds that the Plan conforms to the general plan for the development of the City as a whole. Under the general plan for the development of the City the District is zoned R - 3 , permitting the uses proposed by the Development Program. 3.05. This Council hereby finds that the Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the District by private enterprise. The development activities contemplated in the Development Program would provide an opportunity for a significant increase in employment opportunities in the City and enhance the tax base of the City. 3.06, Upon review of the Plan, rhe information elicited at the public hearing and on the basis of the fmdings in Sections 3.01 to 3.05, this Council hereby approves the Plan and the establishment of the District as a tax increment financing district in the City. to be denominated "Tax Increment Financing District No.3." Section 4. ~. The City Clerk is hereby authorized and directed to me the Plan and the Development Program with the Commissioner of Revenue as required by Minnesota Statutes, Section 469.175, Subdivision 2. Section 5. Imnlementation of DeveloDment Pro~am and Approval of Documents. The Council authorizes and directs officers of the City to proceed with implementation of the Developmenr Program, and to negotiate, draft, prepare and present to this Council for its consideration all funher plans, resolutions, documents and contracts necessary for this purpose. In this regard, there has been presented to this Council: (I) a draft of a Contract for Private Development in Development District No. I (the "Contract for Development") proposed to be entered into between the City and Cottage Lifestyles Incorporated (the "Company"), pursuant to which the City would agree to finance the acquisition of the project site and certain site and utility improvements relating thereto by reimbursing the Company for such costs from available tax increment revenues from the District. and the Company would agree to undenake development of the rental housing project; and (2) a draft of a Declaration of Covenants (the "Declaration") to be executed by the Company and to implement the income requirements of Section 469.1761 of the Act. The forms of the Contract for Development and the Declaration are hereby approved and the Mayor and the City Administrator are hereby authorized and directed to execute the Contract for Development on behalf of the City, with such modifications and amendments thereof and deletions . therefrom as the Mayor or the City Attorney shall approve. The execution of the Contract for -4- .