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meets the requirements to be an economic development tax increment financing district and why the assistance satisfies the so-called "but for" test and (2) the bases for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. 1.04 The Developer has proposed to acquire, construct and equip an approximately 20,000 square foot warehouse facility to be leased to the Operator (collectively, the "Development') and has requested that the City provide tax increment assistance to pay a portion of the public development costs of the Development. 1.05. There has been presented before the Council, a Tax Increment Development Agreement between the City and the Developer (the "Agreement'), setting for the terms and conditions of the Development and provides certain tax increment assistance (the "TIF Assistance") to the Developer repayable from tax increment generated from the TIF District. The TIF Assistance constitutes a business subsidy within the meaning of Minnesota Statutes, Section 116J.993 to 116J.995, as amended (the "Business Subsidy Act'), and the Agreement includes a "business subsidy agreement" as required under the Business Subsidy Act. 1.06. The Council has on this date conducted a duly noticed public hearing regarding the granting of a business subsidy being provided to the Developer in accordance with the Business Subsidy Act, at which all interested persons were given an opportunity to be heard. Section 2. Findings for the Creation of the TIF District and Adoption of a TIF Plan Therefor. 2.01 The Council hereby finds that the land within the Development District is proper and desirable to establish and develop within the City, its effect will be to carry out the objectives of the Development District by creating an impetus for the development of warehouse and related structures in the City, and otherwise promote certain public purposes and accomplish certain objectives as specified in the Plans. The Development District has been previously established by the City and is not being expanded in connection with the establishment of the TIF District. The only modification to the Development Program relates to the incorporation of the proposed TIF District and the terms of the TIF Plan therefor. 2.02 The Council hereby finds that the TIF District is in the public interest and is an "economic development district' within the meaning of Minnesota Statutes, Section 469.174, Subdivision 12, because it will result in increased employment in the state, including construction jobs, and it will result in capital investment in the City and therefore preservation and enhancement of the tax base in the state. 2.03 The Council hereby makes the following additional findings in connection with the TIF District and hereby incorporates the findings set forth in the TIF Plan herein by reference as part of this resolution. NATURE