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, :1 ; I' .03. The Council hereby finds, determines and declares that the Plans afford m opportunity, consistent with the sound needs of the City as a whole, for the ment and redevelopment of the Project Area and the NW Quad by private ise, and it is contemplated that the development or redevelopment thereof will be out pursuant to development contracts with private developers. .04. The Council hereby finds, determines and declares that the approval and n of the Plans is intended and, in the judgment of this Council, its effect will be to the purposes and objectives specified in this Section 2 and othelWise promote public purposes and accomplish certain objectives as specified in the Plans. .05. The Council hereby finds, determines and declares that the City made the Indings stated in this Section 2 and has set forth the reasons and supporting facts determination in the Plans and Exhibit A of this Resolution. Specific Findings for the District. .01. The Council hereby finds, determines and declares that the District tes a "tax increment financing district" as defined in Minnesota Statutes, Section 469.1 ,Subdivision 9 and further finds, determines and declares that the tax increment finan i g district constitutes a type of "redevelopment district" as defined in Minnesota Statu S, Section 469.174, Subdivision 10. 3.02. The Council hereby finds, determines and declares that the proposed ment or redevelopment in the District, in the opinion of the Council, would not olely through private investment within the reasonably foreseeable future and, re, the use of tax increment financing is deemed necessary. 3.03. The Council hereby finds, determines and declares that the increased mark value of the District that could reasonably be expected to occur without the use of tax in ement financing would be less than the increase in the market value estimated to result rom the proposed development after subtracting the present value of the projected tax in ements for the maximum duration of the District. 3.04. The Council hereby finds, determines and declares that the expenditure of tax in ement within the District primarily selVes a public purpose. 3.05. The Council hereby finds, determines and declares that the City made the abov findings stated in this Section 3 and has set forth the reasons and supporting facts for e h determination in the District Plan and Exhibit B of this Resolution. Section 4. Specific Findings for the Subdistrict. 3