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for the development and redevelopment of Development District No. 1 by private enterprise and it is contemplated that the development and redevelopment thereof will be carried out pursuant to redevelopment contracts with private developers. 2.04. The Council hereby finds, determines and declares that the modification of Development District NO.1, the modification of Tax Increment Financing Districts No.1 through No. 17 and the creation of proposed Tax Increment Financing District No. 18 and the adoption and approval of the Modified Development Program, Modified Tax Increment Financing Plans and proposed Tax Increment Financing Plan relating thereto by the City is intended and, in the judgement of this Council, its effect will be to promote the purposes and objectives specified in this Section 2 and otherwise promote certain public purposes and accomplish certain objectives as specified in the Modified Development Program, Modified Tax Increment Financing Plans and proposed Tax Increment Financing Plan. 2.05. The Council hereby finds, determines and declares that proposed Tax Increment Financing District No. 18 constitutes a "tax increment financing district" as defined in Minnesota statutes, Section 469.174, Subdivision 9, and further Tax Increment Financing District No. 18 constitutes a type of "redevelopment district" as defined in Minnesota statutes 1987 Supplement, Section 469.174, Subdivision 10(a)(2). 2.06. The Council hereby finds, determines and declares that the proposed development or redevelopment in proposed Tax Increment Financing District No. 18, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. 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 Modified Development Program, Modified Tax Increment Financing Plans, proposed Tax Increment Financing Plans, and Exhibit A of this Resolution. Section 3. Approval of the Modification of Development District No. 1 and the Approval and Adoption of the Modified Development Proqram Relatinq TheretQ. 3.01. The modification of Development District No.1 reflecting increased project costs and the approval and adoption t of the Modified Development Program relating thereto are hereby approved and adopted by the Council of the City of New Brighton. 3