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• <br /> 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 /> stagnation, 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 sought 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 /> 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 /> 1382791v1 2 <br />