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Section 4. - Implementation of the Plan. . 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 proposed Plan for Tax Increment Financing District No. 10 conforms to the Comprehensive Plan of the City. 2.05. The Council further finds, determines and declares that the proposed Plan for Tax Increment Financing District No. 10 will afford maximum opportunity, consistent of the sound needs of the City as a whole, for the development or redevelopment of Development District No. 1 by private enterprise. 2.06. The Council determines and declares that Tax Increment Financing District No. 10 located within Development District No. 1 is hereby established. . Section 3. - Adoption of the Plan. 3.01. 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. The City Administrator and Finance Director 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. Adopted by the City Council of the City of Elk River, Minnesota this 8th day of September, 1992. Lr~ ~mes A. Tralle, Mayor ATTEST: ~12.~ Patrick D. Kl~S' City Administrator .