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WHEREAS, on the date hereof, the Board of Commissioners of REDA approved the modified Development Program and the TIF Plan and referred them to the Council for public hearing and consideration; and WHEREAS, the Council has reviewed the contents of the modified Development Program and the TIF Plan and on this date conducted a duly noticed public hearing thereon, at which the views of all interested parties were heard; NOW, THEREFORE, BE IT RESOLVED,that: Section 1. Findings; Development District. 1.01. It is hereby found and determined that within the Development District there exist conditions of economic obsolescence, underutilization, and inappropriate uses of land constituting blight within the meaning of the Act. The findings stated in the modified Development Program are incorporated herein by reference. 1.02. It is further specifically found and determined that: (a) the land within the Development District would not be made available for redevelopment without the public intervention and financial assistance described in the Development Program; (b) the modified Development Program will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment of the Development District by private enterprise; and (c) the modified Development Program conforms to the general plan for development of the City as set forth in the comprehensive municipal plan. Section 2. Findings; TIF District. 2.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development District, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide financial assistance to the TIF District and the Development District. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the TIF Plan could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value expected to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the TIF Plan. 2.03. The proposed public improvements to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the TIF District and the