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2.02. The Council further finds that, based in part upon the nature of the subject <br />properties and the intended development thereof, the proposed development would constitute a <br />"redevelopment project" under Minnesota Statutes, Section 469.002, Subdivision 14 (in part <br />because the successful completion of planned or likely improvements in the Project is believed to <br />lessen or prevent emergence of factors, such as population downturn and resultant economic <br />stag-nation, which may contribute to the emergence of blight); that the proposed developments <br />would not or could not occur solely through private investment within the reasonably foreseeable <br />future and that the land in the Project would not be made available for such redevelopment <br />without the aid to be soug4ht and,' therefore, the use of EDA powers is deemed necessary; that the <br />Plans conform to the general plan for the development or redevelopment of the City as a whole <br />because the proposed project is properly zoned or otherwise designated for the intended uses, <br />and the anticipated development is in furtherance of long range plans of the City for the <br />respective areas; and that the Plans will afford maximum opportunity consistent with the sound <br />needs of the City as a whole, for the development of the Project by private enterprise and <br />otherwise because they will enable the EDA to provide and finance suitable and necessary public <br />inducements and assistance. <br /> 2.03. The Council further finds that the Plans are intended and, in the judgment of this <br /> Council, their effect will be, to promote the public purposes and accomplish the objectives <br /> specified in the Development Program for Development Project No. 1. <br /> <br /> Section 3. Approval and Adoption of the Plans. <br /> <br /> 3.01. The Plans, as presented to the Council on this date, including without limitation <br /> the findings and statements of objectives contained therein, are hereby approved, ratified, <br /> established, and adopted and shall be placed on file in the office of the City Clerk. <br /> Adopted by the Elk River City Council on April 8, 2002. <br /> <br />1382791vl - <br /> <br /> <br />