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the general plan for the development or redevelopment of the City as a whole, and that the Modifications will <br />afford maximum opportunity consistent with the sound needs of the city as a whole, for the development of <br />Redevelopment Project Area No. 1 by private enterprise. <br />2.02. The reasons supporting these findings are that private investment will not finance these <br />development activities due to prohibitive costs, and therefore it is necessary to finance these redevelopment <br />activities through the use of tax increment financing so that other development by private enterprise will <br />occur within Redevelopment ProjectArea No. 1; Tax Increment Financing District No. 3 -2 is properly zoned; <br />the Modification to the Tax Increment Financing Plan conforms to the City's comprehensive plan for <br />redevelopment and development; and the development activities are necessary so that development and <br />redevelopment by private enterprise can occur within Redevelopment Project Area No. 1. <br />Section 3. Public Purpose. <br />3.01. The Council hereby finds that the Modifications conform in all respects to the requirements <br />of the Act and are intended and, in the judgement of this Council, the effect of such actions will be to help <br />fulfill a need to develop an area of the City which is already built up, to provide employment opportunities, <br />to improve the tax base and to improve the general economy of the State and hereby serves a public purpose. <br />Section 4. Approval of the Modifications. <br />4.01. The Modified Development Program for Redevelopment Project Area No. 1 and the <br />Modified Development Program for Tax Increment Financing District No. 3 -2 are hereby approved and shall <br />take effect upon approval by the EDA. <br />4.02. The Modifications are hereby forwarded to the EDA for consideration and adoption. <br />The motion for the adoption of the foregoing resolution was duly seconded by Council member <br />and upon a vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />Dated: October 27, 1999 <br />ATTEST: <br />Mayor City Administrator <br />(Seal) <br />PAGE 164 <br />