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<br />.. <br /> <br />., <br /> <br />as a whole for the development and redevelopment of Development <br />District No. 1 by private enterprise and it is contemplated that <br />the development and redevelopment thereof will be carried out <br />pursuant to redevelopment contracts with private developers. <br /> <br />2.04. The Council hereby finds, determines and declares <br />that the modification, approval and adoption of the modified <br />Development Program and modified Tax Increment Financing Plans <br />relating to Development District No. 1 and Tax Increment <br />Financing Districts No. 1 through No. 19 and the approval and <br />adoption of the proposed Tax Increment Financing Plans relating <br />to the creation of proposed Tax Increment Financing Districts <br />No. 20 and No. 21 by the City is intended and, in the judgement <br />of this Council, its effect will be to promote the purposes and <br />objectives specified in this Section 2 and otherwise promote <br />certain public purposes and accomplish certain objectives as <br />specified in the modified Development Program, modified Tax <br />Increment Financing Plans and proposed Tax Increment Financing <br />Plans. <br /> <br />2.05. The Council hereby finds, determines and declares <br />that proposed Tax Increment Financing District No. 20 constitutes <br />a "tax increment financing district" as defined in Minnesota <br />Statutes, Section 469.174, Subdivision 9, and further Tax <br />Increment Financing District No. 20 constitutes a type of <br />"redevelopment district" as defined in Minnesota Statutes. <br /> <br />2.06. The Council hereby finds, determines and declares <br />that proposed Tax Increment Financing District No. 21 constitutes <br />a "tax increment financing district" as defined in Minnesota <br />statutes, Section 469.174, Subdivision 9, and further Tax <br />Increment Financing District No. 21 constitutes a type of <br />"renewal and renovation district" as defined in Minnesota <br />statutes. <br /> <br />2.07. The Council hereby finds, determines and declares <br />that the proposed development or redevelopment in proposed Tax <br />Increment Financing Districts No. 20 and No. 21, in the opinion <br />of the Council, would not occur solely through private investment <br />within the reasonably foreseeable future and, therefore, the use <br />of tax increment financing is deemed necessary. <br /> <br />2.08. The Council hereby finds, determines and declares <br />that the City made the above findings stated in this Section 2 <br />and has set forth the reasons and supporting facts for each <br />determination in the modified Development Program, modified Tax <br />Increment Financing Plans, proposed Tax Increment Financing <br />Plans, and Exhibits A and B of this Resolution. <br /> <br />3 <br />