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all pursuant to and 472A, as amended, 273.78, inclusive, Act" ) . in accordance with Minnesota Statutes, Chapter and Minnesota Statutes, Se, ~tions 273.71 to as amended (the "Tax Increment Financing B. The Council has investigated the facts and has caused to be prepared a modified Development Program and a Tax Increment Financing Plan for Tax Increment Financing District No.5. C. The City has performed all actions required by law to be performed prior to the establishment of Tax In~rement Financing District No. 5 and the adoption of the proposed Tax Increment Financing Plan and modified Development Program Lelating thereto, including, but not limited to, notification of Ramsey County and Independent School Districts No. 621 and 623 and Special Intermediate School District No. 916, a rev:ew by the City Planning Commission of the modified Developm~nt Program and the holding of a public hearing upon published ,md mailed notice as required by law. NOW THEREFORE, BE IT RESOLVED, by the Ci t ( Counci 1 of the City of Roseville as follows: 1. The Council hereby finds that the creation of Tax Increment Financing District No. 5 is intended and, in the judgment of this Council, its effect will be, to provide an impetus for commercial development in the City, to increas ~ employment and otherwise promote certain public purposes and accomplish certain objectives as specified in the modified Dev~lopment Program and the Tax Increment Financing Plan for Tax Ircrement District No.5. 2. The Council further finds: (i) that Tax Increment District No. 5 is a redevelopment district; (ii ) th, t t 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 Tax Increment Financing Plan for Tax Increment Distril:t No. 5 conforms to the general plan for the development or cedevelopment of the City as a whole; (i v) that the Tax Incremen t Financing Plan 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 Financing District No.5, the Council elects the method of tax increment computation set forth in Section 273. 76, Subdivision 3, Clause (b). The reasons and supporting facts for the above findings can be found in the Tax Increment Financing Plan Jor Tax Increment Financing District No.5.