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• Section 2. Findings for the Adoption and Approval of the Program Modification and Plan 2.01. The Council hereby finds that the Program Modification and Plan, are intended and, in the judgment of this Council, the effect of such actions will be, to provide an impetus for development in the public purpose and accomplish certain objectives as specified in the Program Modification and Plan, which are hereby incorporated herein. Section 3. Findings for the Establishment of Tax Increment Financing District No 1-3 3.01. The Council hereby finds that the District is in the public interest and is a "redevelopment district" under Minnesota Statutes, Section 469.174, subd. 10 (a)(1). 3.02. The Council further finds that the proposed redevelopment would not occur solely through private investment within the reasonably foreseeable future and that 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 estimated 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 Plan, that the Plan conforms to the general plan for the development or redevelopment of the City as a whole; and that the Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development or redevelopment of the District by private enterprise. 3.03. The Council further finds, declares and determines that the City made the above • findings stated in this Section and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. 3.04. The City elects to calculate fiscal disparities for the District in accordance with Minnesota Statutes, Section 469.177, subdivision 3, clause a, which means the fiscal disparities contribution would be taken from outside the District. Section 4. Public Purpose 4.01. The adoption of the Program Modification and Plan conforms in all respects to the requirements of the Act and will help fulfill a need to redevelop an area of the City which is already built up, to provide housing opportunities through redevelopment, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. Section 5. Approval and Adoption of the Program Modification and Plan. 5.01. The Program Modification and Plan, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Administrator. 5.02. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Program Modification and Plan and to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. • 5.03 The Auditor of Ramsey County is requested to certify the original net tax capacity of the District, as described in the Program Modification and Plan, and to certify in each year thereafter