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improvements in order to continue development and redevelopment of blighted, foreclosed and underdeveloped property in the City and Development District No. 1. (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 Plan. The redevelopment of most sites assisted by tax increment from the TIF District 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. (iii) The Tax Increment Plan Modification 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 November], 2013, and was approved by the Commission on that same date. (iv) The Tax Increment Plan Modification 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 Modification will allow for 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 District 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 Modification 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 District, the Development District and the Projects as described above. These public purposes and benefits exceed any benefits expected to be received by private developers, because most of the new expenditures described in the TIF Plan Modification represents investment in public infrastructure, and any developers receive direct assistance only in the amount needed to make the proposed development financially feasible. Section 4. Approval and Adoption of the TIF Plan Modification 4.01. The TIF Plan Modification is hereby approved, and shall be placed on file in the office of the City Administrator. Approval of the TIF Plan Modification does not constitute approval of any project or a development agreement with any developer. 4.02. City staff is authorized to file the TIF Plan Modification with the Commissioner of Revenue, the Office of the State Auditor and the Anoka County Auditor. 4.03. City staff, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the TIF Plan Modification 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.