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,../' -, Secti6h 469.174, Subdivision 9, and further constitutes a type of "redevelopment district't as derned in Minnesota Statutes, Section 469.174, Subdivision 10. 112.06. The Council hereby finds, determines and declares that the proposed devel!:1pment or redevelopment in the Proposed TIF District, in the opinion of the Council, woulg! not occur solely through private investment within the reasonably foreseeable futurEt land, therefore, the use of tax increment financing is deemed necessary. f i :: 2.07. The Council hereby finds, determines and declares that the City made the abov,! findings stated in this Section 2 and has set forth the reasons and supporting facts for ea~h determination in the Plans and Exhibit A of this Resolution. ; : I i Section 3. Approvals and Adootions. ; i i i 3.01. The restated and modified Program reaffirming, clarifying and reflecting estifll$ted revenues, estimated expenses, parcels which may be acquired, increased geogr~phic area, increased project costs and increased bonded indebtedness within the Proj~t Area is hereby approved and adopted by the Council of the City. I I' : i 3.02. The modifications to the Existing TIF Plans reaffirming, clarifying and refle~1ing estimated revenues, estimated expenses, parcels which may be acquired, incre€1sed geographic area, increased project costs and increased bonded indebtedness withi~lthe Project Area are hereby approved and adopted by the Council of the City. ; I ; \ : l3.03. The creation of the Proposed TIF District within the Project Area and the ado~lon of the Proposed TIF Plan relating thereto are hereby approved by the Council of the q~; . , ! .i : i Section 4. FilinQ of Plans. ': 4.01. Upon approval and adoption of the Plans, the City shall cause said Plans to be filad with the Minnesota Department of Revenue. i i Adopted by the Council of the City this d5'-'h.day of ~oVern bel , 2003. i! ! i The motion for the adoption of the foregoing resolution was duly seconded by Cour1lcil Member.K~ fY':x,~~ ~ and upon vote being taken thereon, the following votettil in favor thereof: : l : ' and the following voted against the same: 3