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<br />e <br /> <br />2.03. The Council further finds, determines, and declares that the <br />proposed development, in the opinion of the Council, would not occur solely <br />through private investment within the reasonably foreseeable future and, <br />therefore, the use of Tax Increment Financing is deemed necessary. <br /> <br />2.04. The Council further finds, determines, and declares that the <br />proposed Plan for Tax Increment Financing District No. 12 conforms to the <br />Comprehensive Plan of the City. <br /> <br />2.05. The Council further finds, determines, and declares that the <br />proposed Plan for Tax Increment Financing District No. 12 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 /> <br />2.06. The Council determines and declares that Tax Increment <br />Financing District No. 12 located within Development District No. 1 is <br />hereby established. <br /> <br />Section 3. - Adoption of the Plan. <br /> <br />e <br /> <br />3.01. The Plan presented to the Council on this date, is hereby <br />approved and adopted and shall be placed on file in the office of the City <br />Clerk. <br /> <br />Section 4. - Implementation of the Plan. <br /> <br />The City Administrator and Assistant City Administrator are authorized and <br />directed to proceed with the implementation of this Plan, and for this <br />purpose, to negotiate, draft, prepare, and present to the Council for its <br />consideration, all future plans, resolutions, documents, and contracts <br />necessary for this purpose. <br /> <br />Adopted by the City Council of the City of Elk River, Minnesota, this 19th <br />day of June, 1995. <br /> <br /> <br />ATTEST: <br /> <br />e <br /> <br /> <br />Sandra A. Thackeray, City Clerk <br />