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<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 />I 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 />e, 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 la er than, and the period of time during which tax increments are elected to be <br />receiv d, is not longer than that which is necessary, in the opinion of the Council, to <br />provid for the additional costs due to the designated hazardous substance site. <br /> <br /> <br />.05. The Council hereby finds, determines and declares that the expenditure of <br />ement within the Subdistrict primarily serves a public purpose. <br /> <br />.06. The Council hereby finds, determines and declares that the City made the <br />Indings stated in this Section 4 and has set forth the reasons and supporting facts <br />determination in the Subdistrict Plan and Exhibit C of this Resolution. <br /> <br />Approvals and Adoptions. <br /> <br />5.01. The modified Program for the Project Area reflecting increased project <br />costs nd increased bonded indebtedness within the NW Quad and the Project Area is <br />hereb approved and adopted by the Council of the City. <br /> <br />5.02. The modified Existing Plans for the Existing Districts reflecting increased <br />proje costs and increased bonded indebtedness within the NW Quad and the Project <br />Area e hereby approved by the Council of the City. <br /> <br />5.03. The creation of the District within NW Quad and the Project Area and the <br />adop n of a District Plan relating thereto are hereby approved and adopted by the <br />Coun I of the City. <br /> <br />5.04. The creation of the Subdistrict within the District, the NW Quad and the <br />proje Area and the adoption of a Subdistrict Plan relating thereto are hereby approved <br />by th Council of the City. <br /> <br />4 <br /> <br />. I <br />: I <br />