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financing is deemed necessary. The land has not been developed in the past, nor will it be developed in the foreseeable future due to the lack of private investment capital to provide proper drainage for the area or to extend municipal facilities. For example the cost of privately financing the storm water system could not be feasibly recovered by developers. (c) The Tax Increment Financing Plan conforms to the general plan for development or redevelopment of the City of Falcon Heights as a whole by encouraging the highest and best use of vacant, but unusable land in the City. (d) .The Tax Increment Financing Plan will afford maximum opportunity, consistent with the sound needs of the City of Falcon Heights as a whole, for the development or redevelopment of Development District No. I by private enterprise.. Tt will promote and secure the prompt development of property in the Development District with a minimal adverse impact on the environment, provide additional employment opportunities within the Development District for residents of the City and the surrounding area; and enhance the value of previously developed areas of the community. (e) The City of Falcon Heights elects the method of tax increment computation set forth in Minnesota Statutes, Section 273.76, Subd. 3, clause (a). • 4. Public Purpose. The formation of Development District No. 1 and adoption of~the Development Program and Tax, Increment Financing Plan conform in all respects to the requirements of the Act and will .help fulfill a-need to develop an area of the City which is already built up to provide employment opportunities to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. 5. Certification. The Auditor of Ramsey County is requested to certify the original assessed value of Development District No. 1 as described in the Tax Increment Financing Plan, and to certify in each year thereafter the amount by which the original assessed value has increased or decreased in accordance with the Act; and the City Clerk 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 Development. District No. 1 for which building permits have been issued during the 18 months immediately preceding the adoption of this Resolution.