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(d) For purposes of compliance with Section 469.175, subdivision 3(b)(2) of the TIF Act, the City 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 likely $0, which is less than the increase in market value estimated to result from the Project (approximately $13,770,718), after subtracting the present value of the projected tax increments for the maximum duration of the TIF District (approximately $1,613,824), which is approximately $12,156,894. Thus, the use of tax increment financing will be a positive net gain to the City, the School District, and the County, and the tax increment assistance does not exceed the benefit which will be derived therefrom. 3.03. The City elects to retain all of the captured tax capacity to finance the costs of the TIF District and the Development District. 3.04. The provisions of Sections 3.02 and 3.03 hereof are hereby incorporated by reference into and made a part of the TIF Plan. The findings of the TIF Plan are incorporated herein by reference and made a part hereof. 3.05. The City Council further finds that TIF Plan is intended and in the judgment of the City Council its effect will be to promote the public purposes and accomplish the objectives specified therein. The TIF Plan will increase employment, facilitate the development of a new industrial warehouse facility and improve the tax base in the City and State. The City Council expressly finds that any private benefit to be received by a private developer is incidental, as the tax increment assistance is provided solely to make the Project financially feasible and thus produce the public benefits described. Therefore, the City Council finds that the public benefits of the TIF Plan exceed any private benefits. Section 4. Creation of the TIF District and Approval and Adoption of the TIF Plan. 4.01. The TIF District is hereby established and the TIF Plan, as presented to the City Council on this date, including without limitation the findings and statements of objectives contained therein, is hereby approved, ratified, established, and adopted and shall be placed on file in the office of the in the office of the Community Development Director. Approval of the TIF Plan does not constitute approval of any project or a development agreement with any developer. City staff and consultants are authorized and directed to proceed with implementation of the TIF Plan and to transmit the request for certification of the TIF District to the County Auditor in such form and content as the County Auditor may specify and to file a copy of TIF Plan with the Minnesota Commissioner of Revenue and the Office of the State Auditor as required by the TIF Act. The County Auditor is requested to certify the original net tax capacity of the TIF District as described in the TIF Plan, and to certify in each year thereafter the amount by which the original net tax capacity has increased or decreased in accordance with the Act. 4.02. City staff, advisors, and legal counsel are authorized and directed to proceed with the implementation of the TIF Plan and to negotiate, draft, prepare, and present to the P 0 N E O E 0 ® v NATUREI