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2.03. The Council further finds, determines, and declares that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of Tax Increment Financing is deemed necessary. 2.04. The Council further finds, determines, and declares that the increased market value of Tax Increment Financing District No. 13 that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to resuJt from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of Tax Increment Financing District No. 13 permitted by the Tax Increment Financing Plan for Tax Increment Financing District No. 13. 2.05. The Council further finds, determines, and declares that the proposed Plan for Tax Increment Financing District No. 13 conforms to the Comprehensive Plan of the City. 2.06. The Council further finds, determines, and declares that the proposed Plan for Tax Increment Financing District No. 13 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of Development District No.1 by private enterprise. 2.07. The Council determines and declares that Tax Increment Financing District No. 13 located within Development District No.1 is hereby established. Section 3. - Local Government AidJHACA Reduction In accordance with the laws of Minnesota for 1995, Chapter 264, Article 5, the City of Elk River and the EDA accept the option of making a qualifying local contribution in lieu of a Local Government AidlHACA reduction associated with the establishment of Tax Increment Financing District No. 13. Section 4. - Adoption of the Plan. The Plan presented to the Council on this date, is hereby approved and adopted and shall be placed on file in the office of the City Clerk. Section 4. . Implementation of the Plan. The City Administrator and Assistant City Administrator are authorized and directed to proceed with the implementation of this Plan, and for this purpose, to negotiate, draft, prepare, and present to the Council for its consideration, all future plans, resolutions, documents, and contracts necessary for this purpose.