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acquisition of land for a municipal parking ramp which will be utilized by users of the existing and future developments surrounding the area. These improvements would not be financed by the private sector as they are traditional public improvements. Completion of these major public improvement projects are needed to make the adjacent TIF District No 14 and Development District more attractive to private developers of additional high- density development. In addition, dollars will be utilized to provide financing for needed public improvements that will assist the City in continuing to develop and redevelop underdeveloped, blighted and foreclosed property in the City and in the Development District. Without investment of public funds, the City's long -term investment in redevelopment of both the property within the TIF Districts, and in the Development District, will be impaired. (ii) The increased market value of the site that could reasonable be expected to occur solely through private investment without the use of tax increment financing would be less than the increase in market value estimated to result from the proposed development after subtracting the present value of the projected increments for the maximum duration of the districts permitted by the TIF Plans. The redevelopment of most sites assisted by tax increment from the TIF Districts is completed. The City reaffirms the original findings that virtually no redevelopment of those sites would have occurred without tax increment assistance, which means no higher market values would have been created. Further, without adding a rail stop and ancillary parking within the Development District, it is unlikely that any future high - quality development would occur in the Development District, and therefore it is not expected that there would be any increase in the market value of sites within the Development District, absent the use of tax increment financing. (iii) The Tax Increment Plan Modifications conform to the general plan for the redevelopment of the City as a whole. The Tax Increment Plan Modification was reviewed and commented upon by the City's Planning Commission on December 1, 2011, and was approved by the Commission on that same date. (iv) The Tax Increment Plan Modifications will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment of the Project by private enterprise. The TIF Plan Modifications will allow the acquisition of right -of -way easements and construction of a rail stop along the North Star Rail Corridor and allow for acquisition of land for a municipal parking ramp which will be utilized by users of the existing and future developments surrounding the area. Completion of these major public improvement projects will make the adjacent TIF District No. 14 and the Development District more attractive to private developers of additional high- density development. The addition of the rail stop will truly be a catalyst for development in the area and the expanded municipal parking ramp will address future parking needs driven by this development. In addition, dollars will be utilized for other acquisition, relocation, rehabilitation, demolition, construction, utilities, roadways, streets, sidewalks, public improvement costs, site improvement /preparation costs, and other qualifying improvements in order to continue development and redevelopment of blighted, foreclosed and underdeveloped property in the City and the Development District. Overall, the projects to be assisted by the TIF Districts will result in increased employment in the City and the State of Minnesota, increased tax base of the State and add a high quality development to the City. Section 3. Public Purpose 3.01. The adoption of the Modifications conforms in all respects to the requirements of the Act and will help fulfill a need to redevelop an area of the State which was originally characterized by underdeveloped and/or underutilized properties, blight and blighting conditions, will help finance critical transportation improvements, and protect and enhance redevelopment of the TIF Districts, the Development District and the Projects as described above. These public purposes and benefits exceed Resolution #11 -12 -244 Page 2 of 3