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the City's comprehensive plan. <br />(b) The Tax Increment Plan Modification will afford maximum opportunity, consistent with the sound <br />needs of the City as a whole, for the development or redevelopment of the Mounds View Economic <br />Development Project by private enterprise. The reason for supporting this finding is that the <br />development activities are necessary so that development and redevelopment by private enterprise <br />can occur within the Mounds View Economic Development Project. <br />(c) The development and redevelopment efforts, in the opinion of the City, would not reasonably be <br />expected to occur solely through private investment within the reasonably foreseeable future and <br />therefor the use of tax increment financing is deemed necessary. <br />Section 3. Public Purpose <br />3.01. The adoption of the Modifications conforms in all respects to the requirements of the Act and will <br />help fulfill a need to develop an area of the State which is already built up, to provide employment opportunities, to <br />improve the tax base and to improve the general economy of the State and thereby serves a public purpose. <br />Section 4. Approval and Adoption of the Modifications; Filing. <br />4.01. The Modifications are hereby approved, and shall be placed on file in the office of the City <br />Administrator. Approval of the Modifications does not constitute approval of any project or a development agreement <br />with any developer. <br />4.02. The staff of the City are authorized to file the Modifications with the Commissioner of Revenue, the <br />Office of the State Auditor and the Ramsey County Auditor. <br />4.03. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with <br />the implementation of the Modifications and for this purpose to negotiate, draft, prepare and present to this Council <br />for its consideration all further modifications, resolutions, documents and contracts necessary for this purpose. <br />P <br />Dated: February 13, 2006 '~ <br />L <br />Ma or <br />F.. l C <br />r <br />~. <br />r. <br />,~ ~ , .~. <br />City Administrator <br />• <br />