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2. Purpose of Development District. It is hereby found and determined that the <br /> Development Program will serve the public purposes set forth in the Program <br /> and Plan and carry out the objectives of the Development District and Plan. <br /> 3. Need for Tax Increment Financing. The City finds and determines that there <br /> is a need for the activities of the Development District to be financed in part <br /> by tax increments. <br /> 4. Use of Tax Increments. The City finds and determines that the activities to be <br /> financed by the tax increments from the Tax Increment Financing District will <br /> carry out the objectives of the Development District set forth in the <br /> Development Program. <br /> 5. Public Purpose. The provisions for the development of the Development <br /> District are in the public interest of the City and the expenditures of revenues <br /> of the Tax Increment Financing District are for a public purpose. <br /> 6. Adoption of Modifications to Development District No. 1 and Creation of Tax <br /> Increment Financing District No. 1-3. Modifications to Development District <br /> No. 1 and the Tax Increment Plan set forth for District No. 1-3 having been <br /> duly reviewed and considered are hereby approved and adopted. <br /> The area contained in the Economic Development Tax Increment Financing <br /> District delineated and described in the Plan is hereby formed into and <br /> designated a tax increment financing district for the purpose of financing <br /> development and redevelopment through the use of tax increment generated <br /> from the captured value in the District as set forth in Minnesota Statutes, <br /> Section 469.174, Subdivision 9, as an Economic Development District <br /> pursuant to Minnesota Statutes, Section 469.174, Subdivision 12. <br /> 7. Required Findings. The City hereby makes the following findings: <br /> (a) the District is an Economic Development District, and the specific basis <br /> for such determination is that one of the conditions of Minnesota Statutes, <br /> Section 469.174, Subdivision 12 exists; and <br /> (b) the development proposed within the Tax Increment Financing District, <br /> in the opinion of the City, would not reasonably be expected to occur solely <br /> through private investment within the reasonably foreseeable future and, <br /> therefore, the use of tax increment financing is deemed necessary; and <br /> (c) the Tax Increment Plan conforms to the general plan for the development <br /> or redevelopment of the City as a whole; and <br />