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(a) The City further finds that the proposed development, in the opinion of the City Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. The specific basis for such finding being: 2.04 The Developer and the Operator have represented that they could not proceed with the proposed construction of the Development in the TIF District without tax increment assistance due to the high cost of the construction of the facility. The property requires additional expenditures related to development of the site, including acquisition, site improvements, and storm water ponding which currently do not allow development on the property. (b) The Council further finds that the TIF Plan conforms to the general plan for the development or redevelopment of the City as a whole. The specific basis for such finding being: The TIF Plan will generally complement and serve to implement policies adopted in the City's comprehensive plan. The City Council has concluded that the Development contemplated on the property is in accordance with the existing zoning for the property and is consistent with the City's comprehensive plan. (c) The Council further finds that the TIF Plan will afford maximum opportunity consistent with the sound needs of the City as a whole for the development of the TIF District by private enterprise. The specific basis for such finding being. The proposed Development will be used by the Operator, a private enterprise, for warehousing and related activities and will afford maximum opportunity for the development of the applicable parcels consistent with the needs of the City. The Development will maximize the potential of an underutilized site and will increase the taxable market valuation of the City and warehouse facilities in the City. The land located within the TIF District requires site improvements including site preparation, grading, and landscaping, as well as storm water ponding. Given the nature of the property, there is no reasonable expectation of any development occurring that would generate as much market value increase as is estimated to be generated by the proposed Development. Therefore, the City has concluded that substantial development at this particular site --and hence any significant increase in market value --is not reasonably expected to occur unless the City provides tax increment assistance as described in the TIF Plan. (d) For purposes of compliance with Minnesota Statutes, Section 469.175, Subdivision 3(b)(2)(ii), the Council hereby finds that the increased market value of the property to be developed within the TIF District that could reasonably be expected to occur without the use of tax increment financing is probably $0 (other than amounts due to inflation), which is less than the increased market value estimated to result from the proposed development (i.e., approximately $1,330,900) after subtracting the present value of the projected tax increments for the maximum duration of the TIF District (i.e., approximately $214,321) which is approximately $1,116,579. Thus, the use of tax rTU�E 0VIRREI er11 �A