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2. The Council further finds: (i) that Tax Increment Districts No.1, 2, 3 and 4 are redevelopment districts; (ii) that the proposed development or redevelopment, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary; (iii) that the Modified Tax Increment Financing Plans for Tax Increment Districts' No.1, 2 and 3 and the Tax Increment Financing Plan for Tax Increment District No. 4 conform to the general plan for the development or redevelopment of the City as a whole; (iv) that the Tax Increment Financing Plans will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of Development District No. 1 as modified, and (v) with respect to Tax Increment Finance District No.4, the Council elects the method of tax increment computation set forth in Section 273.76, Subdivision 3, Clause (6). The reasons and supporting facts for the above findings can be found in the Modified Tax Increment Financing Plans. 3. The Modified Development Program for Development District No.1, the Modified Tax Increment Financing Plans for Tax Increment Districts No.1, 2 and 3 and the Tax Increment Financing Plan for Tax Increment Financing District No. 4 are hereby approved and adopted and shall be placed on file in the office of the City Manager. 4. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Modified Development Program and Tax Increment Financing Plans and for this purpose to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. 5. The City hereby approves and authorizes the execution of the Development Agreements with the following parties: Weis Development Corproation Centre pointe Investment Company Everest Investments IV Lido Cafe, Inc. Rosepoint Housing I Limited Partnership Rosepoint Housing II Limited Partnership Berger Transfer & Storage, Inc. 6. The City Manager is authorized and directed to file a copy of the Modified Development Program and Tax Increment Financing Plans for Tax Increment Financing Districts No.1, 2, 3 and 4 as required by the Tax Increment Financing Act. -3-