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. , 1.05. The Council has performed all actions required by law to be performed prior to the modification, approval and adoption of the modified Development Program, modified Tax Increment Financing Plans, and proposed Tax Increment Financing Plan. 1.06. The Council hereby determines that it is necessary and in the best interests of the City at this time to modify, approve and adopt the modified Development Program and modified Tax Increment Financing Plans and to create the Proposed TIF District and approve and adopt the proposed Tax Increment Financing Plan relating thereto. Section 2. Findinqs. 2.01. The Council hereby finds, determines and declares that the assistance to be provided through the adoption and implementation of the modified Development Program, modified Tax Increment Financing Plans and proposed Tax Increment Financing Plan (collectively the "Plans") are necessary to assure the development and redevelopment of Development District NO.1. 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 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 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 redevelopment 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 finds, determines and declares that the Proposed TIF District constitutes a "tax increment financing 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. 2.06. 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 financing is deemed necessary. 2