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<br />. <br /> <br />. <br /> <br />. <br /> <br />Section 2. Findings; Proiect Plan Modification. <br /> <br />2.01. The findings stated in the Project Plan are incorporated herein by reference. <br /> <br />2.02. It is further specifically found and determined that: <br /> <br />a) the land within the Project would not be made available for development without <br />the public intervention and financial assistance described in the Project Plan <br />Modification; <br /> <br />b) the Project Plan Modification will afford maximum opportunity, consistent with <br />the sound needs of the City as a whole, for the development of the land within the <br />Project by private enterprise; <br /> <br />c) the Project Plan Modification conforms to the general plan for development of the <br />City as set forth in the comprehensive municipal plan; <br /> <br />d) the Project Plan Modification will provide employment opportunities, and improve <br />the tax base and the general economy of the state; and <br /> <br />e) the Project Plan Modification will provide an impetus for commercial <br />development. <br /> <br />Section 3. Findin~s; TI F District No.4. <br /> <br />3.01. It is found and determined that it is necessary and desirable for the sound and <br />orderly development or the Project and the City as a whole, and for the protection and <br />preservation of the public health. safety, and general welfare, that the authority of the TIF Act <br />be exercised to provide public financial assistance to the TIF District and the Project. <br /> <br />3.02. It is further found and determined, and it is the reasoned opinion of the EDA, that <br />the development proposed in the TIf Plan could not reasonably be expected to occur solely <br />through private investment within the reasonably foreseeable future and the increased market <br />value of the site that could reasonably be expected to occur without the use of tax increment <br />financing would be less than the increase in the market value estimated to result from the <br />proposed development after subtracting the present value of the projected tax increments for the <br />maximum duration of the district permitted by the TlF Plan. <br /> <br />3.03. The proposed public costs to be financed in part through tax increment financing <br />are necessary to permit the City to realize the full potential of the TIF District and the Project <br />in terms of development intensity, employment opportunities and tax base. <br /> <br />3.04. The TIF Plan for TIF District No.4 conforms to the general plan of development <br />of the City as a whole. <br /> <br />DJG1201S:~ <br />rr.TJ205H4 <br />