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. through private investment within the reasonably foreseeable future and, <br /> therefore, the use of Tax Increment Financing is deemed necessary. <br /> 2.04 The EDA further finds, determines, and declares that the <br /> proposed Plan for Tax Increment Financing District No. 15 conforms to the <br /> Comprehensive Plan of the City. <br /> 2.05 The EDA further finds, determines, and declares that the <br /> proposed Plan for Tax Increment Financing District No. 15 will afford <br /> maximum opportunity, consistent with the sound needs of the City as a <br /> whole, for the development or redevelopment of Development District No. 1 <br /> by private enterprise. <br /> 2.06 The EDA determines and declares that Tax Increment <br /> Financing District No. 15 located within Development District No. 1 is <br /> hereby established. <br /> Section 3. - Adoption of the Plan. <br /> 3.01 The Plan for Tax Increment Financing District No. 15 presented <br /> to the EDA on this date, is hereby approved and adopted and shall be placed <br /> • on file in the office of the City Clerk. <br /> Section 4. - Implementation of the Plan. <br /> 4.01 The Executive Director of the EDA, the City Administrator, and <br /> the Assistant City Administrator are authorized and directed to proceed with <br /> implementation of the Plan, and for this purpose, to negotiate, draft, and <br /> prepare and present to the EDA for its consideration all future plans, <br /> resolutions, documents, and contracts necessary for this purpose. <br /> Adopted this 17th day of June, 1996. <br /> 0.1644 <br /> Hi ngoll`%-sident <br /> Elk River IA <br /> ATTEST: <br /> Lori R. Johnson, Acting Executive Director <br /> Elk River EDA <br />