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1.06 On March 14, 2005, the Council determined that Rottlund had successfully achieved the performance benchmarks under Section 7(b) of the Contract for Exclusive Negotiations and authorized City staff to continue to work with Rottlund on the tasks and for the purposes set forth therein with a view to submitting a proposed Contract for Private Redevelopment (a "Redevelopment Contract") to the City no later than June 13,2005. 1.07 On April 25, 2005, the Council approved a Term Sheet with Rottlund and authorized City staff to negotiate a Redevelopment Contract with Rottlund. The Council also called for a public hearing on the modification of the Development Program for Development District No. 1 (the "Project Area") and creation of Tax Increment Financing District No. 17 (the "Tax Increment District"), creation of Hazardous Substance Subdistrict No. 17 A (the "Subdistrict") and the adoption of respective Tax Increment Financing Plans relating thereto. Section 2. Findings. 2.01 It has been proposed that the Council enter into a Redevelopment Contract with Roseville Twin Lakes, LLC relating to Opportunity Areas 1,2,3,4,5 and 8. 2.02 The Council hereby finds that the proposed redevelopment which would be the subject of the Redevelopment Contract promotes the objectives as outlined in its Restated Development Program (the "Program") established pursuant to Minnesota Statutes, Sections 469.001 to 469.047, 469.048 to 469.068, and 469.124 to 469.134, inclusive, as amended and supplemented from time to time. These objectives include the following: a. Revitalize property within the Project Area to create a safe, attractive, comfortable, convenient and efficient area for residential use. b. Create and reinforce a sense of residential place and security which creates neighborhood cohesiveness through City investment in neighborhood infrastructure and public improvements, including landscaping, park improvements, local street modifications to reduce traffic impacts, street construction or repaving, curb and gutter construction or replacement and streetlight installation or updating. c. Encourage infill development and redevelopment that is compatible in use and scale with surrounding neighborhoods. d. Rehabilitate existing housing stock and preserve existing residential neighborhoods wherever possible. e. Demolish and reconstruct, where necessary, aging residential buildings to preserve neighborhoods. f. Provide a link between seniors moving out of existing single family homes and young families seeking first time purchase options. 2