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2. Development Program Modification. The Development Program Modification, for the Development District, a copy of which is on file in the office of the City Manager, is adopted as the development program for the Development District. 3. TIF District No. 18. The City has heretofore established TIF District No. 18 within the Development District. TIF District No. 18 is hereby enlarged. 4. TIF Plan Modification. The TIF Plan Modification is adopted for TIF District No. 18, as enlarged, and the City Council makes the following findings: (a) TIF District No. 18 remains a housing district as defined in Minnesota Statutes, Section 469.174, Subd. 11, the specific basis for such determination being that the construction of an approximately 168 unit multifamily housing rental units will provide safe, decent, sanitary housing for persons or families of low and moderate income in the City, and will help prevent the emergence of blight and result in the preservation and enhancement of the tax base of the State. (b) The proposed development in the opinion of the City Council, would not occur solely through private investment within the reasonably foreseeable future. The reasons supporting this finding are that: Private investment will not finance these development activities because of prohibitive costs relative to rental revenues for low and moderate income multifamily housing units. It is necessary to finance these development activities through the use of tax increment financing so that development of affordable multifamily housing and other development by private enterprise will occur within the Development District. (c) The TIF Plan Modification for TIF District No. 18, as enlarged, conforms to the general plan for development or redevelopment of the City of Roseville as a whole. The reasons for supporting this finding are that: (i) TIF District No. 18, as enlarged, is properly zoned; and (ii) The TIF Plan Modification will generally compliment and serve to implement policies adopted by the City. (d) The Modifications will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the Development District by private enterprise. The reasons supporting this finding are that: The development activities are necessary so that development and redevelopment by private enterprise can occur within the Development District. 5. Public Purpose. The adoption of the Modifications conform in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State which is already built up to provide housing opportunities for persons of low and moderate income, to 2 3981864v1