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Resolution 8002 Page 2 Section 3. Findings for the Modifications to the TIF Plan 3.01 The Council hereby reaffirms the original findings for the TIF Districts, including but not limited to the finding that when they were established,they were established as a"redevelopment districts". 3.02 The modifications to the TIF Plans are being completed to authorize the City Council or Economic Development Authority to acquire parcels within the Project Area. The City and EDA are not modifying the boundaries or extending the term of the TIF Districts. 3.03 The modifications to the TIF Plans conform to the general plan for development or redevelopment of the City as a whole. The fact supporting this finding is that the modifications to the TIF Plans will generally complement and serve to implement policies adopted in the City's comprehensive plan. The Modifications were reviewed and commented upon by the City's Planning Commission on October 3, 2012, and were approved by the Commission on that same date. 3.04 The modifications to the TIF Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the Project Area by private enterprise. The facts supporting this finding are that the modifications to the TIF Plans will continue the redevelopment by private enterprise that has been stimulated under the original plan for the TIF District. 3.05 The increased market value of the site that could reasonably be expected to occur without the use of tax increment fmancing would be less than the increase in the market value estimated after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the TIF Plan Modifications. 3.06 The Council further finds the future redevelopment, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and therefore the use of tax increment financing is deemed necessary. Section 4. Public Purpose 4.01. The adoption of the Modifications conform in all respects to the requirements of the Act and will help fulfill a need to redevelop an area of the State which is already built up, to provide employment opportunities,to provide housing opportunities,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 Modifications 5.01. The Modifications, as presented to the Council on this date, are hereby approved, ratified, adopted and shall be placed on file in the office of City Administrator. 5.02. The staff,the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Modifications and for this purpose to negotiate, draft, prepare and present to this Council for its consideration all further Modifications,resolutions,documents and contracts necessary for this purpose. Approval of the Modifications does not constitute approval of any project or a Development Agreement with any developer. 5.03. The City Administrator is authorized and directed to forward a copy of the Modifications to the Commissioner of the Minnesota Department of Revenue and the Office of the State Auditor pursuant to M.S., Section 469.175, Subd. 4a.