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of the TIF Act b(; oxercised by the City to provide public financial assistance to the TIF and <br />Developmerd l-)is(ricts: <br /> <br /> 4.02. That it is further found and determined, and it is the reasoned opinion of <br />the City, that tt~o dovelopment proposed in the modified Program and the modified TIF Plan for <br />TIF District No. 4 could not reasonably be expected to occur solely through private investment <br />within the r~}~t.,;~m~bly foreseeable future and that therefore the use of tax increment financing is <br />necessary. <br /> <br /> 4.O3. That the proposed public improvements to be financed in part through tax <br />increment fi~:~r;ci~;9 are necessary to permit the City to realize the full potential of the TIF and <br />Developmer, t [)h;~ricts in terms of development intensity, employment opportunities and tax <br />base. <br /> <br /> ,i,.0 !. Tt~at the modified TIF Plan conforms to the general plan of development of <br />the City as; a wt~ol~. <br /> <br /> 4,0'.;~ That the modified TIF Plan will afford maximum opportunity, consistent <br />with the sound needs of the City as a whole, for the development of the TIF and Development <br />Districts hy priw~.i:e enterprise. <br /> <br /> 4.0,'.'L That approval of the modified TIF Plan is intended, and in the City's <br />judgemenl i(,,; ~.;ffr~ct will be, to promote the public purposes and accomplish the objectives <br />specified i~ ~t~(:~ In<-~dified Plan. <br /> <br /> ,!..0'/. That the findings made by the City Council at the time of the creation of TIF <br />District Nc,. 4 o~ /\ugust 11, 1986 are hereby reaffirmed. <br /> <br />::;e.(;tion 5. _Modified Program and TIF Plans Adopted: Filinq. <br /> <br /> ~;.0'i. That the modified Program and the modified TIF Plans are hereby approved <br />and adopted. The modified Program and TIF Plans incorporate by reference the original <br />Program and ?!F Plans, except as the modified Program and TIF Plans explicitly or by <br />reasonably ..,mce,'~.~.ary inference conflicts with the original Program and TIF Plans. <br /> <br /> 5.0;:'. That the geographic boundaries of Development District No. 1, TIF District <br />No. 1, and -I'lf: f}istrict No. 4 are not changed by this action. <br /> <br /> ~,,.0,'-,. That the City Administrator is authorized and directed to file a copy of the <br />modified ProEiram and the modified TIF Plans with the Minnesota Commissioner of Trade and <br />Economic Or,vr;iop~nent as required by the TIF Act. <br /> <br /> 5.04. That the City may at the appropriate time take action to issue and sell its <br />general obli(j~ttim~ bonds pursuant to the TIF Act to finance the public costs identified in the <br />modified Proart'am ar'~d the modified Plans. <br /> <br /> <br />