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modi~~d Existing TIF Plans for the Existing TIF Districts reaffirming, clarifying and refleqtiing estimated revenues, estimated expenses, parcels which may be acquired, incre~sed geographic area, increased project costs and increased bonded indebtedness withirlithe Project Area, and a Proposed TIF Plan for the Proposed TIF District, defining more! \precisely the property to be included, the public costs to be incurred and other mattets relating thereto. i) ;: i: 1.05. The Council has performed all actions required by law to be performed prior to th~ approval and adoption of the restated and modified Program and Existing TIF Plan$land the approval and adoption of the proposed TIF Plan. ; i : i . 1.06. The Council hereby determines that it is necessary and in the best interests of th~ City at this time to approve and adopt the modifications to the restated and modined Program and Existing TIF Plans, to create the Proposed TIF District and to appr~~e and adopt the Proposed TI F Plan relating thereto. r i i : Section 2. Findinos. , 2.01. The Council hereby finds, determines and declares that the assistance to be provided through the adoption and implementation of the restated and modified Program, the r~stated and modified Existing TIF Plans and the Proposed TIF Plan (collectively the "Plant") are necessary to assure the development and redevelopment of the Project Area~ i :: 2.02. The Council hereby finds, determines and declares that the Plans conform to the, general plan for the development and redevelopment of the City as a whole in that they ~re consistent with the City's comprehensive plan. ;, 2.03. The Council hereby finds, determines and declares that the Plans afford maximum opportunity consistent with the sound needs of the City as a whole for the devalppment and redevelopment of the Project Area by private enterprise, and it is contWnplated that the development and redevelopment thereof will be carried out purs~ant to development contracts with private developers. ,: 2.04. The Council hereby finds, determines and declares that the restatement, modification, approval and adoption of the Plans is intended and, in the judgment of this Cou~~i1, its effect will be to promote the purposes and objectives specified in this Section 2 alid otherwise promote certain public purposes and accomplish certain objectives as specified in the Plans. :, 2.05. The Council hereby finds, determines and declares that the Proposed TIF District constitutes a "tax increment financing district" as defined in Minnesota Statutes, 2