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through private investment within the reasonably foreseeable future and, <br />therefore, the use of Tax Increment Financing is deemed necessary. <br /> <br /> 2.04 The EDA further finds, determines, and declares that the <br />proposed Plan for Tax Increment Financing District No. 14 conforms to the <br />Comprehensive Plan of the City. <br /> <br /> 2.05 The EDA further finds, determines, and declares that the <br />proposed Plan for Tax Increment Financing District No. 14 will afford <br />maximum opportunity, consistent with the sound needs of the City as a <br />whole, for the development or redevelopment of Development District No. 1 <br />by private enterprise. <br /> <br /> 2.06 The EDA determines and declares that Tax Increment <br />Financing District No. 14 located within Development District No. I is <br />hereby established. <br /> <br />Section 3. - Adoption of the Plan. <br /> <br /> 3.01 The Plan for Tax Increment Financing District No. 14 presented <br />to the EDA on this date, is hereby approved and adopted and shall be placed <br />on file in the office of the City Clerk. <br /> <br />Section 4. - Implementation of the Plan. <br /> <br /> 4.01 The Executive Director of the EDA, the City Administrator, and <br />the Assistant City Administrator are authorized and directed to proceed with <br />implementation of the Plan, and for this purpose, to negotiate, draft, and <br />prepare and present to the EDA for its consideration all future plans, <br />resolutions, documents, and contracts necessary for this purpose. <br /> <br />Adopted this 8th day of April, 1996. <br /> <br />Jeffrey A. Gongoll, President <br />Elk River EDA <br /> <br />ATTEST: <br /> <br />Patrick D. Klaers, Executive Director <br />Elk River EDA <br /> <br /> <br />