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2.02. That the findings made by the City Council at the time of the adoption of the Program on <br />August 27, 1985, are hereby reaffirmed. <br />Section 3. Findings: Tax Increment Financing District <br />3.01. That it is found and determined that it is necessary and desirable for the sound and orderly <br />development of the Development District and the City as a whole, and for the protection <br />and preservation of the public health, safety, and general welfare, that the authority of the <br />TIF Act be exercised by the City to provide public financial assistance to the TIF and <br />Development Districts. <br />3.02. That it is further found and determined, and it is the reasoned opinion of the City, that the <br />development proposed in the modified program and the modified TIF Plan for TIF District <br />No. 2 could not reasonably be expected to occur solely through private investment within <br />the reasonably foreseeable future and that, therefore, the use of tax increment financing is <br />necessary. <br />3.03. That the proposed public improvements to be financed in part through tax increment <br />financing are necessary to permit the City to realize the full potential of the TIF and <br />Development Districts in terms of development intensity, employment opportunities and tax <br />base. <br />3.04. That the modified TIF Plan conforms to the general plan of development of the City as a <br />whole. <br />3.05. That the modified TIF Plan will afford maximum opportunity, consistent with the sound <br />needs of the City as a whole, for the development of the TIF and Development Districts by <br />private enterprise. <br />3.06. That approval of the modified TIF Plan is intended, and in the City's judgment its effect <br />will be, to promote the public purposes and accomplish the objectives specified in the <br />modified Plan. <br />3.07. That the findings made by the City Council at the time of the creation of TIF District No. 2 <br />on June 30, 1986, are hereby reaffirmed. <br />Section 4. Modified Program and TIF Plan Adooted: Filing <br />4.01. That the modified Program and the modified TIF Plan are hereby approved and adopted. <br />The modified Program and TIF Plan incorporate, by reference, the original Program and <br />TIF Plan, except as the modified Program and TIF Plan explicitly, or by reasonably <br />necessary inference conflicts with the original Program and TIF Plan. <br />4.02. That the geographic boundary of Development District No. 1 are expanded as shown in the <br />attached Exhibit A, and the geographic boundary of TIF District No. 2 is not changed by <br />this action. <br />4.03. That the City Administrator is authorized and directed to file a copy of the modified <br />Program and the modified TIF Plan with the Minnesota Commissioner of Revenue as <br />required by the TIF Act. <br />4.04. That the City may, at the appropriate time, take action to issue and sell general obligation <br />bonds pursuant to the TIF Act to finance the public costs identified in the modified Program <br />and the modified Plans. <br />RESOLUTION #94-12-260 <br />Page 2 of 3 <br />