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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 Proqram. 3.01. The modification to the Development Program relating to the Project Area reflecting increased project costs is hereby approved and adopted by the council of the City of New Brighton. Section 4. Modification. Approval and Adoption of Modified Tax Increment Financinq Plans. 4.01. The modifications to the Tax Increment Financing Plans relating to the Existing TIP Districts reflecting increased project costs within the Project Area are hereby approved and adopted by the Council of the City of New Brighton. 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 TIP 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 of New Brighton. 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. 25, pursuant to 1995 Minnesota Laws, Chapter 264, Article 5, Section 6, Subdivision 6 (d), as amended by 1996 Minnesota Laws, Chapter 471, Article 7, Section 3. Section 7. Filinq of Plans. 7.01. cause said Revenue. Upon approval and adoption of the Plans, the City shall plans to be filed with the Minnesota Department of Adopted by the Council of the City this , 199 day of The motion for the adoption of the foregoing resolution was duly seconded by Council Member , and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: 3