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I i (c) The City Council further finds that the TIF Plan will afford maximum opportunity consistent with the sound needs of the City as a whole for the development of the TIF District by private enterprise. The specific basis for such finding being: i The proposed assistance will help finance public costs related to the Development. The Development will increase the taxable market valuation of the City, and increase manufacturing facilities in the City. (d) For purposes of compliance with Minnesota Statutes, Section 469.175, Subdivision 3(d), the City Council hereby finds that the increased market value of the property to be developed within the TIF District that could reasonably be expected to occur without the use of tax increment financing is $0, which is less than $4,029,653, which is the increased market value estimated to result from the proposed development (i.e., $5,101,056) less the present value of the projected tax increments for the maximum duration of the TIF District (i.e., approximately ($1,071,403). In making these findings, the City Council has noted that the property has not been developed for many years and would likely remain undeveloped if tax increment financing were not available. Thus, the use of tax increment financing will be a positive net gain to the City, the School District, and the County, and the tax increment assistance does not exceed the benefit which will be derived therefrom. The provisions of this Section 2.02 are hereby incorporated by reference into and made a pant of the TIF Plan. i 2.03. The Council further finds that the Program Modification and the TIF Plan are intended and in the judgment of the Council their effect will be to promote the public purposes and accomplish the objectives specified in the TIF Plan for the TIF District and the Development Program for the Development District. Section 3. Approval of Development Agreement. 3.01. The Development Agreement and the Purchase Agreement as presented to the City Council is hereby in all respects approved, in substantially the forms submitted, together with any related documents necessary in connection therewith (collectively, the "Documents") and the Mayor and the City Administrator are hereby authorized and directed to execute the Documents on behalf of the City and to carry out, on behalf of the City, the City's obligations li thereunder. 3.02. The approval hereby given to the Documents includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the City and by the officers authorized herein to execute said documents prior to their execution; and said officers are hereby authorized to approve said changes on behalf of the City. The execution of any instrument by the appropriate officers of the City herein authorized shall be conclusive evidence of the approval of such document in accordance with the terms hereof. In the event of absence or disability of the officers, any of the Documents authorized by this Resolution to be executed may be executed without further act or authorization of the City I 3 430951v2 JSB EL185-22 i