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data, information and/or substantiation constituting or relating to (1) the "studies and analyses" on why the new TIF District meets 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 o£ this resolution to the same extent as if set forth in full herein. Section 2. Plans. Findinqs for the Adoption and Approval of the 2.01. The Council hereby finds that the proposed 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 opportunities in the State of Minnesota and in the preservation and enhancement of the tax base of the City and the State of Minnesota and because it will discourage commerce or industry from moving their operations to another state or municipality. In addition, the Council has been advised that the facility to be constructed within the TIF District is an approximately 73,000 square foot facility (the "SoftPac Development") to be used by SoftPac, Inc., in its packaging, manufacturing, warehouse and distribution operations; and not less than 85% of those facilities, in accordance with the applicable provisions of Minnesota Statutes, Section 469.176, Subdivision 4c, is expected to be used for the manufacturing, production, warehousing, storage, and distribution (including processing which results in the change in condition of the raw materials) of tangible personal property (but not retail sales thereof) and for uses necessary for and related to those activities. One of the reasons for the above findings and for the "but for" finding below is the fact that SoftPac had several other options, including an out-of-state option, for its project, and accordingly, the Council believes that the SoftPac Development would not be located in the City of Elk River without the tax increment assistance. 2.02. The Council further finds that, based in part upon the nature and location of the subject properties and the intended developments thereof involved, and based upon representations made by the Company, the proposed SoftPac Development would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary; that the Plans conform to the general plan for the development or redevelopment of the City as a whole because the subject area is properly zoned for the intended uses, and the anticipated SoftPac Development is in furtherance of long range plans of the City and the investments heretofore made by the City for that area; and that the Plans will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of the 1198600.2 2