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<br />II <br /> <br />expec d to occur without the use of tax increment financing would be less than the <br />incre e in the market value estimated to result from the proposed development after <br />subtr ing the present value of the projected tax increments for the maximum duration of <br />the M ified District. <br /> <br /> <br />.04. The Council hereby finds, determines and declares that the expenditure of <br />ement within the Modified District primarily serves a public purpose. <br /> <br />.05. The Council hereby finds, determines and declares that the City made the <br />Indings stated in this Section 3 and has set forth the reasons and supporting facts <br />determination in the Restated Plan and Exhibit B of this Resolution. <br /> <br />Specific Findings for the Subdistrict. <br /> <br />.01. The Council hereby finds, determines and declares that the Subdistrict <br />tes a hazardous substance subdistrict as defined in Minnesota Statutes, Section <br />, Subdivision 23. <br /> <br />.02. The Council hereby finds, determines and declares that the proposed <br />ment or redevelopment in the Subdistrict, in the opinion of the Council, would not <br />olely through private investment within the reasonably foreseeable future and, <br />re, the use of tax increment financing is deemed necessary. <br /> <br />.03. The Council hereby finds, determines and declares that other parcels not <br />ted as hazardous substance sites are expected to be developed together with the <br />ted hazardous substance site. <br /> <br />.04. The Council hereby finds, determines and declares that the Subdistrict is <br />not I er than, and the period of time during which tax increments are elected to be <br />recei d, is not longer than that which is necessary, in the opinion of the Council, to <br />provi for the additional costs due to the designated hazardous substance site. <br /> <br />4.05. The Council hereby finds, determines and declares that the expenditure of <br />tax in ement within the Subdistrict primarily serves a public purpose. <br /> <br />4.06. The Council hereby finds, determines and declares that the City made the <br />abov findings stated in this Section 4 and has set forth the reasons and supporting facts <br />for e h determination in the Subdistrict Plan and Exhibit C of this Resolution. <br /> <br />Section 5. Approvals and Adoptions. <br /> <br />4 <br />