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4.04. The Council further finds that the Tax Increment Financing Plan for Tax Increment Financing District No. 12 will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of Development District No. 1 by private enterprise. The specific basis for such finding being: It will enable the renovation or clearance of structurally substandard buildings and the construction of new projects in the City, thereby encouraging other development in the area. Section 5. Approval of the Modified Development Program and Proposed Tax Increment Financinq Plans. 5.01. The Modified Development Program for Development District No.1, the Modified Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1 through 10 and the Tax Increment Financing Plan for Tax Increment Financing District No. 11 and No. 12 are hereby approved and adopted. 5.02. The findings of the City required by Minnesota statutes Section 469.175, Subd. 3 relating to Tax Increment Financing Districts Nos. 1 through 10 previously made by the City are hereby ratified, confirmed and adopted as of this date. 5.03. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Tax Increment Financing Plans and for this purpose to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. 5.04. The Auditor of Ramsey County is requested to certify the original net tax capacity of Tax Increment Financing District No. 11 and No. 12, as described in the Tax Increment Financing Plans, and to certify in each year thereafter the amount by which the original net tax capacity have increased or decreased in accordance with the Act; and the City Clerk-Treasurer is authorized and directed to forthwith transmit this request to the County Auditor in such form and content as the Auditor may specify, together with a list of all properties within Tax Increment Financing District No. 11 and No. 12 for which building permits have been issued during the 18 months immediately preceding the adoption of this resolution. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Maschka , and upon vote being taken thereon, the following voted in favor thereof: Cushman, Maschka, Thomas, Johnson, and Rog, 1115 5