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increase in market value would be up to $126,326,500. The present value of tax increments from <br /> the District is estimated to be $18,971,728. It is the Council's finding that no development with a <br /> market value of greater than $107,354,772 would occur without tax increment assistance in this <br /> district within 25 years. This finding is based upon evidence from general past experience with <br /> the high cost of acquisition and public improvements in the general area of the District (see <br /> Cashflow in Appendix D of the TIF Plan). <br /> 3. Finding that the Tax Increment Financing Plan for Tax Increment Financing District No. 3-5 <br /> conforms to the general plan for the development or redevelopment of the municipality as a <br /> whole. <br /> The Planning Commission reviewed the Plan and found that the Plan conforms to the general <br /> development plan of the City. <br /> 4. Finding that the Tax Increment Financing Plan for District No. 3-5 will afford maximum <br /> opportunity, consistent with the sound needs of the City as a whole, for the development or <br /> redevelopment of Redevelopment Project Area No. 3 by private enterprise. <br /> The redevelopment to be assisted by District No. 3-5 will result in increased employment in the <br /> City and the State of Minnesota, the renovation of substandard properties, increased tax base of <br /> the State and add high quality development to the City. In furtherance of these objectives, the <br /> HRA intends to enter into development agreements with private developers, which agreements <br /> • will obligate such developers to construct, operate, and maintain the facilities contemplated under <br /> the Redevelopment Plan for Redevelopment Project Area No. 3. Therefore, the planned <br /> redevelopment will be consistent with the sound needs of the City as a whole and will be <br /> accomplished, to the maximum extent possible, by private enterprise <br />