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2.02. The EDA further finds that the proposed development, in the opinion <br /> • of the EDA, would not occur solely through private investment within the <br /> reasonably foreseeable future and that the increased market value on the site that <br /> could reasonably be expected to occur without the use of tax increment financing <br /> would be less than the increase in the market value estimated to result from the <br /> proposed development after subtracting the present value of the projected tax <br /> increment for the maximum duration of District No. 17 permitted by the Tax <br /> Increment Financing Plan, that the Program and Plan will be reviewed by the City <br /> Planning Commission for conformance to the general plan for the development or <br /> redevelopment of the City as a whole; and that the Program and Plan will afford <br /> maximum opportunity consistent with the sound needs of the City as a whole, for <br /> the development of District No. 17 by private enterprise. <br /> 2.03. The EDA further finds that the Program and Plan, are intended and, <br /> in the judgment of the EDA, the effect of such actions will be, to provide an impetus <br /> for development in the public purpose and accomplish certain objectives as specified <br /> in the Program and Plan, which are hereby incorporated herein. <br /> Section 3. - Approval and Adoption of the Program and Plan. <br /> 3.01. Conditioned upon the approval thereof by the City Council following <br /> its public hearing thereon, and conditioned upon approval thereof by the City <br /> Planning Commission, the Program and Plan as presented to the EDA on this date, <br /> are hereby approved, established, and adopted. <br /> 3.02. The staff, the EDA's advisors and legal counsel are authorized and <br /> directed to proceed with the implementation of the Program and Plan and for this <br /> purpose to negotiate, draft, prepare, and present to this Board for its consideration <br /> all further Plans, Resolutions, Documents, and Contracts necessary for this purpose. <br /> Approval of the Program and Plan does not constitute approval of any project or a <br /> Development Agreement with any developer. <br /> 3.03. Upon approval of the Program and Plan by the City Council and the <br /> Planning Commission, the Executive Director of the EDA is authorized to forward a <br /> copy of the Program and Plan to the Sherburne County Auditor and the Minnesota <br /> Department of Revenue pursuant to Minnesota Statutes, Section 469.175, sub d. 2. <br /> Approved by the Board of Commissioners of the Elk River Economic <br /> Development Authority this day of , 199_. <br /> Patrick Dwyer, President <br /> ATTEST: <br /> Paul T. Steinman, Executive Director <br />