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.... . Council, the effect of such actions will be, to provide an impetus for development in the public purpose and accomplish certain objectives as specified in the Plan, which is hereby incorporated herein. Section 3. Findings for the Establishment of Tax Increment Financina District Nol 1-5. 3.01. The Council hereby finds that Tax Increment Financing District No. 1-5 is in the public interest and is an "economic development district" under Minnesota Statutes, Section 469.174, subd. 12. 3.02 The Council further finds that the proposed development would not occur solely through private investment within the reasonably foreseeable future and that the increased market value on the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increment for the maximum duration of District No. 1-5 permitted by the Tax Increment Financing Plan, that the Plan conforms to the general plan for the development or redevelopment of the City as a whole~ and that the Plan will afford maximum opportunity consistent with the sound needs of the City as whole, for the development of District No. 1-5 by private enterprise. 3.03. The City elects to make a qualifying local contribution in accordance with Minnesota Statutes, Section 273.1399, subd. 6 (b), in order to qualify District No. 1-5 for exemption from state aid losses set forth in Section 273.1399. 3.04. The Council further finds, declares and determines that the City made the above findings for District No. 1-5 stated in this Section and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. 3.05. The City ofCenterville elects to calculate fiscal disparities for District No. 1-5 in accordance with Minnesota Statutes, Section 469. 177, subdivision 3, clause b, which means the fiscal disparities contribution would be taken from within District No. 1-5. Section 4. Approval and Adoption of the Plan. 4.01. The Plan, 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 Clerk. 4.02. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Plan and to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. 4.03. The Auditor of Anoka County is requested to certify the original net tax capacity of District No. 1-5, as described in the Plan, and to certify in each year thereafter the amount by