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<br />. <br /> <br />. <br /> <br />. <br /> <br />2.03. The Council further finds, determines and <br />declares that the proposed development, in the opinion of the <br />Council, would not occur solely through private investment <br />within the reasonably foreseeable future and, therefore, the <br />use of Tax Increment Financing is deemed necessary. <br /> <br />2.04. The Council further finds, determines and <br />declares that the proposed Plan for Tax, Increment Financing <br />District No. 11 conforms to the Comprehensive Plan of the <br />City. <br /> <br />2.05. The Council further finds, determines and <br />declares that the proposed Plan for Tax Increment Financing <br />District No. 11 will afford maximum opportunity, consistent <br />with the sound needs of the City as a whole, for the <br />development or redevelopment of Development District No. 1 by <br />private enterprise. <br /> <br />2.06. The Council determines and declares that Tax <br />Increment Financing District No. 11 located within Development <br />District No. 1 is hereby established. <br /> <br />Section 3. - Adoption of the Plan. <br /> <br />3.01. The Plan presented to the Council on this date, <br />is hereby approved and adopted and shall be placed on file in <br />the office of the City Clerk. <br /> <br />Section 4. - Implementation of the Plan. <br /> <br />The City Administrator and Finance Director are authorized and <br />directed to proceed with the implementation of this Plan, and <br />for this purpose, to negotiate, draft, prepare and present to <br />the Council for its consideration all future plans, <br />resolutions, documents and contracts necessary for this purpose. <br /> <br />Adopted by the City Council of the City of Elk River, Minnesota <br />this 16th day of November, 1992. <br /> <br />ATTEST: <br /> <br /> <br />