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" ~ 2.06. The Council hereby finds, determines and declares that the proposed redevelopment in the Proposed TIF District, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment fmancing is deemed necessary. 2.07. The Council hereby fmds, determines and declares that the City made the above findings stated in this Section 2 and has set forth the reasons and supporting facts for each determination in\the Plans and Exhibit A of this Resolution. Section 3. Approvals and Adoptions. 3.01. The modification to the Program reflecting increased project costs and increased bonding authority within the Project Area is hereby approved and adopted by the Council of the City. . 3.02. The modifications to the Existing TIP Plans reflecting increased project costs and increased bonding authority within the Project Area are hereby approved and adopted by the Council of the City. 3.03. The creation of the Proposed TIF District within the Project Area and the adoption of the Proposed TIF Plan relating thereto are hereby approved by the Council of the City. Section 4. Election of City Contribution. 4.01. The Council hereby elects to make a qualifying local contribution equal to 5.00% of the tax increment generated from the Proposed TIF District, pursuant to Minnesota Statutes, Section 273.1399. Section 5. Filing of Plans. 5.01. Upon approval and adoption of the Plans, the City shall cause said Plans to be filed with the Minnesota Department of Revenue. Adopted by the Council of the City this 22 nd day of June, 1999. The motion for the adoption of the foregoing resolution was duly seconded by Council Member Hoffman , and upon vote being taken thereon, the following voted in favor thereof: Benke, Gunderman,Larson, Hoffman, Samuelson 3