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<br />further finds, determines and declares that the tax increment financing district constitutes a type of <br />"redevelopment district" as defined in Minnesota Statutes, Section 469.174, Subdivision 10. <br /> <br />3.02. The Council hereby finds, determines and declares that the proposed development <br />or redevelopment in the District, in the opinion of the Council, would not occur solely through <br />private investment within the reasonably foreseeable future and, therefore, the use of tax increment <br />financing is deemed necessary. <br /> <br />3.03. The Council hereby finds, determines and declares that the increased market value <br />of the District that could reasonably be expected to occur without the use of tax increment financing <br />would be less than the increase in the market value estimated to result from the proposed <br />development after subtracting the present value of the projected tax increments for the maximum <br />duration of the District. <br /> <br />3.04. The Council hereby finds, determines and declares that the expenditure of tax <br />increment within the District serves a primarily public purpose. <br /> <br />3.05. The Council hereby finds, determines and declares that the City made the above <br />findings stated in this Section 3 and has set forth the reasons and supporting facts for each <br />determination in the District Plan and Exhibit B ofthis Resolution. <br /> <br />Section 4. <br /> <br />Specific Findings for the Subdistrict. <br /> <br />4.01. The Council hereby finds, determines and declares that the Subdistrict constitutes a <br />hazardous substance subdistrict as defined in Minnesota Statutes, Section 469.174, Subdivision 23. <br /> <br />4.02. The Council hereby finds, determines and declares that the proposed development <br />or redevelopment in the Subdistrict, in the opinion of the Council, would not occur solely through <br />private investment within the reasonably foreseeable future and, therefore, the use of tax increment <br />financing is deemed necessary. <br /> <br />4.03. The Council hereby finds, determines and declares that other parcels not designated <br />as hazardous substance sites are expected to be developed together with the designated hazardous <br />substance site. <br /> <br />4.04. The Council hereby finds, determines and declares that the Subdistrict is not larger <br />than, and the period of time during which tax increments are elected to be received is not longer <br />than, that which is necessary, in the opinion of the Council, to provide for the additional costs due <br />to the designated hazardous substance site. <br /> <br />4.05. The Council hereby finds, determines and declares that the expenditure of tax <br />increment within the Subdistrict serves a primarily public purpose. <br /> <br />3 <br />