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. (b) Development District No. 1 has been duly created and the Development Program for Development District No. 1 duly adopted by the City Council pursuant to the provisions of Minnesota Statutes Chapter 472A. (c) The creation of Development District No. 1 and TIF District No. 3 is in the public interest because: (i) It will discourage commerce, industry or manufacturing from moving their operations to another state; (ii) It will result in increased employment ln the City; (iii) It will result in preservation and enhancement of the tax base of the City. 7. That the proposed development within TIF District No. 3, in the opinion of the City Council, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and therefore the use of Tax Increment Financing is necessary. . (a) Economic and industrial development in the City has been stagnant for a number of years. (b) High special assessments for earlier improvements in the Industrial Park has resulted in very slow development. (c) It is impossible for the Industrial Park to expand without the extension of streets, sewer, water service and storm drainage facilities. (d) The City has available approximately two-thirds of the funds necessary to pay for the additional improvements required in the Industrial Park. (e) Use generated by TIF District No. 3 is necessary to finance the street, water and sewer system improvements necessary to allow further business and industrial development to occur within TIF District No.3. 8. That significant water service improvements including the construction of a water tower have been made pursuant to the TIF Plan and payment of bonds issued to pay for those improvements is being generated by the TIF District No.3. . 9. That a proposed modification of the TIF plan for TIF District No. 3 (the Modification) has been prepared by City 2 .