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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. 19 permitted by the Tax <br /> Increment Financing Plan, that the Program and Plan was reviewed by the City <br /> Planning Commission on June 23, 1998, and by resolution was found to be in <br /> conformance to the general plan for the development or redevelopment of the City <br /> as a whole; and that the Program and Plan will afford maximum opportunity <br /> consistent with the sound needs of the City as a whole, for the development of <br /> District No. 19 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, the Program and Plan as presented to the EDA on this <br /> date, 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 <br /> purpose. Approval of the Program and Plan does not constitute approval of any <br /> project or a Development Agreement with any developer. <br /> 3.03. Upon approval of the Program and Plan by the City Council, the <br /> Executive Director of the EDA is authorized to forward a copy of the Program and <br /> Plan to the Sherburne County Auditor and the Minnesota Department of Revenue <br /> pursuant to Minnesota Statutes, Section 469.175, subd. 2. <br /> Approved by the Board of Commissioners of the Elk River Economic <br /> Development Authority this 13th day of July, 1998. <br /> enry7.Duitsman, President <br /> P,ul T. Steinman, Executive Director <br /> • <br />