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<br />increased project costs and increased bonded indebtedness within the Project Area, a proposed <br />District Plan for the District, and a proposed Subdistrict Plan for the Subdistrict, defining more <br />precisely the property to be included, the public costs to be incurred and other matters relating <br />thereto. <br /> <br />1.05. The Council has performed all actions required by law to be performed prior to the <br />approval and adoption of the Restated Program, the District Plan and the Subdistrict Plan. <br /> <br />1.06. The Council hereby determines that it is necessary and in the best interests of the <br />City at this time to approve and adopt the Restated Program, to create the District and approve and <br />adopt a District Plan, and to create the Subdistrict and approve and adopt a Subdistrict Plan. <br /> <br />Section 2. <br /> <br />General Findings. <br /> <br />2.01. The Council hereby finds, determines and declares that the assistance to be provided <br />through the adoption and implementation of the Restated Program, the District Plan and the <br />Subdistrict Plan (collectively the "Plans") is necessary to assure the development and <br />redevelopment of the Project Area. <br /> <br />2.02. The Council hereby finds, determines and declares that the Plans conform to the <br />general plan for the development and redevelopment of the City as a whole in that they are <br />consistent with the City's comprehensive plan. <br /> <br />2.03. The Council hereby finds, determines and declares that the Plans afford maximum <br />opportunity, consistent with the sound needs of the City as a whole, for the development and <br />redevelopment of the Project Area by private enterprise, and it is contemplated that the <br />development or redevelopment thereof will be carried out pursuant to development contracts with <br />private developers. <br /> <br />2.04. The Council hereby finds, determines and declares that the approval and adoption of <br />the Plans is intended and, in the judgment of this Council, its effect will be to promote the purposes <br />and objectives specified in this Section 2 and otherwise promote certain public purposes and <br />accomplish certain objectives as specified in the Plans. <br /> <br />2.05. The Council hereby finds, determines and declares that the City made the above <br />findings stated in this Section 2 and has set forth the reasons and supporting facts for each <br />determination in the Plans and Exhibits A, B, C, and D ofthis Resolution. <br /> <br />Section 3. <br /> <br />Specific Findings for the District. <br /> <br />3.01. The Council hereby finds, determines and declares that the District constitutes a "tax <br />increment financing district" as defined in Minnesota Statutes, Section 469.174, Subdivision 9 and <br /> <br />2 <br />