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3.01. The Council hereby finds, determines and declares that the Proposed D trict constitutes a "tax increment financing district" as defined in Minnesota Statutes, S tion 469.174, Subdivision 9 and further finds, determines and declares that the tax in rement financing district constitutes a type of "redevelopment district" as defined in nesota Statutes, Section 469.174, Subdivision 10. 3.02. The Council hereby finds, determines and declares that the proposed elopment or redevelopment in the Proposed District, in the opinion of the Council, ld not occur solely through private investment within the reasonably foreseeable re and, therefore, the use of tax increment financing is deemed necessary. 3.03. The Council hereby finds, determines and declares that the increased m rket value of the Proposed District that could reasonably be expected to occur without th use of tax increment financing would be less than the increase in the market value e imated to result from the proposed development after subtracting the present value of th projected tax increments for the maximum duration of the Proposed District. 3.04. The Council hereby finds, determines and declares that the expenditure of ta increment within the Proposed District primarily serves a public purpose. 3.05. The Council hereby finds, determines and declares that the City made the a ve findings stated in this Section 3 and has set forth the reasons and supporting facts fo each determination in the Proposed Plan and Exhibit B of this Resolution. Section 4. Approvals and Adoptions. 5.01, The modified Program for the Project Area reflecting increased geographic a, increased project costs and increased bonded indebtedness within the Project Area ereby approved and adopted by the Council of the City. 5.02. The modified Existing Plans for the Existing Districts reflecting increased graphic area, reflecting increased project costs and increased bonded indebtedness in the Project Area are hereby approved by the Council of the City. 5.03. The creation of the Proposed District within the Project Area and the ption of a Proposed Plan relating thereto are hereby approved and adopted by the ncil of the City. Section 5. Filing of Plans. 3 4.01. Upon approval and adoption of the Plans, the City shall cause said Plans to b filed with the Minnesota Department of Revenue, the Office of the State Auditor and R sey County.