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SECTION II. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 4 A. Statutory Authority. Pursuant to {}469.175, Subd. 4 of the TIF Act, the City seeks to modify the Plan for TIF District No. 4, which was first adopted on August 11, 1987 and modified on March 29, 1988 and November 14, 1989. B. Statement of Objectives. In addition to the objectives outlined in Section I, Subd. D hereof, the City seeks to achieve the following objectives through the Plan for TIF District No. 4: 1, Provide employment opportunities within the City; 2, Improve the tax base of the City and the general economy of the CiD, and State; 3. Encourage development in an area of the City which has not been utilized to its full potential; 4. Provide roadway and public utility improvements for property which is not otherwise likely to be developed in the reasonably foreseeable future; and 5. Implement relevant portions of the Comprehensive Plan. C. Statement of Public Purpose. In adopting the modified Pro,am for Development District No. 1 and the Plan for TI~ District No. 4, the City Council intends to make the following f'mdings: 1. Anticipated development would not reasonabJiy be expected to occur solely through private investment within the reasonably foreseeable future and, therefore, the use of TIF is necessary; 2. The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the District by private enterprise; and 3. The TIF Plan conforms to general plans for development of the City as a whole. D. Development District Program. The City created Development District No. 1 on August 27, 1985, and modified the Program on June 30, 1986, August 12, 1986, June 9, 1987, August 11, t987, March 29, 1988, April 26, 1988, July 26, 1988, November 14, 1989, April 24, 1990, July 31, 1990 and March 8, 1994. Concurrent with this action, the City is expanding the boundahes of the Development District and updating the development activities planned or authorized within the District. E. Description of TIF District. A legal description of the properties within TIF District' No. 4 is attached hereto as Exhibit C. A map of the approximate boundahes of TIF District No. 4 is included as Exhibit D. F. Development District Contracts.