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., Existing TIF Districts reflecting increased project costs and increased bonding authority within the Project Area and a Proposed TIP Plan for the Proposed TIP District, defming more precisely the properties to be included, the public costs to be incurred and other matters relating thereto. 1.05. The Council has performed all actions required by law to be performed 'prior to the approval and adoption of the modifications to the Program and Existing TIP Plans and the approval and adpption of the proposed TIP Plan. 1.06. The Council hereby determines that it is necessary and in the best interests of the City at this time to approve and adopt the modifications to the Program and Existing TIP Plans, to create the Proposed TIP District and to approve and adopt the Proposed TIP Plan relating thereto. Section 2. Findings. 2.01. The Council hereby fmds, determines and declares that the assistance to be provided through the adoption and implementation of the modified Program, modified Existing TIP Plans and Proposed TIP Plan (collectively the "Plans") are necessary to assure the development and redevelopment of the Proj ect Area. 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 are consistent with the City's comprehensive plan. 2.03. The COW1cil hereby fmds, determines and declares that the Plans afford maximum opportunity consistent with the sound needs of the City as a whole for the development and redevelopment of the Project Area by private enterprise, and it is contemplated that the development and redevelopment thereof will be carried out pursuant to development contracts with private developers. 2.04. The Council hereby finds, determines and declares that the modification, approval and adoption of the Plans is intended and, in the judgement of this Council, its effect will be to promote the purposes and objectives specified in this Section 2 and otherwise promote certain public purposes and accomplish certain objectives as specified in the Plans. 2.05. The Council hereby fmds, detennines and declares that the Proposed TIP District constitutes a "tax increment fmancing district" as defined in Minnesota Statutes, Section 469.174, Subdivision 9, and further constitutes a type of "redevelopment district" as defined in Minnesota Statutes, Section 469.174, Subdivision 10. 2