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2.07. The Council hereby finds, 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. Modification, Approval and Adoption of Modified Development Prooram. 3.01. The modification to the Development Program relating to the proj ect Area reflecting increased proj ect costs is hereby approved and adopted by the Council of the City. Section 4. Modification, Approval and Ado~tion of Modified Tax Increment Financing Plans, 4.01. The modifications to the Tax Increment Financing Plans relating to the Existing TIF Districts reflecting increased project costs within the Project Area are hereby approved and adopted by the Council of the City. Section 5. Approval and adoption of the Proposed Tax Increment Financinq Plan and Creation of the Proposed TIF District. 5.01. The creation of the Proposed TIF District within the proj ect Area and the adoption of the proposed Tax Increment Financing Plan relating thereto are hereby approved by the Council of the City. Section 6. Election of City Contribution. 6.01. The Council hereby elects to make a qualifying local contribution equal to 5.00% of the tax increment generated from Tax Increment Financing District No. 26, pursuant to Minnesota Statutes, Section 273.1399. Section 7. Filino of Plans. 7.01. 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 28th 1111 Y ,199L-' The motion for the adoption of the foregoing resolution was duly seconded by Council Member SAMUELSON , and upon vote being taken thereon, the following voted in favor thereof: day of BENKE GUNDERMAN SAMUELSON LARSON 3