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. . . <,' Resolution No. 97-28 Page Two May 27, 1997 Section 2. Findings for Modifications. 2.01 The Council hereby finds that the Modifications are intended and, in the judgment of this Council, the affect of such actions will be, to provide an impetus for development and redevelopment in the public purpose and accomplish certain objectives as specified in the Modifications, which are hereby incorporated herein. 2.02 The Council is modifying the boundaries of Development District No.1 as described in the Modification to the Development Program. The Council is not modifying the boundaries of Tax Increment Financing Districts No's. 1,2 and 3. 2.03 The Council hereby reaffirms the findings previously made that Tax Increment Financing District No. I is an "Economic Development District"; that Tax Increment Financing District No.2 is a "Redevelopment District"; and that Tax Increment Financing District No.3 is a "Housing District"; all as defined in the Acts. 2.04 The Modifications conform in all respects to the requirements ofthe Acts; the Modifications conform to the general plan for the development or redevelopment of the municipality as a whole; the development and redevelopment proposal in the Modifications, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the foreseeable future, and therefore the use oftax increment financing is deemed necessary; the Modifications conform to the general plan for development or redevelopment of the City as a whole; and will help fulfill a need to develop an area of the State which is already built up to provide employment opportunities to improve the tax base and to improve the general economy of the State, and will afford maximum opportunity, consistent with the sound needs for the City as a whole, for the development or redevelopment of the Development District by private enterprise in that the intent is to provide only that public assistance necessary to make the private developments financially feasible, Section 3. Approval of the Modifications: Filinl: 3.01 The Modifications, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Administrator. Approval of the Modifications does not constitute approval of any project or a Development Agreement with any developer.