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~ . ~ ~~~ buildings are structurally substandard and an additional 30% of the buildings are found to require substantial renovation or clearance in order to remove such existing conditions as inadequate street layout, incompatible uses or land use relationships, overcrowding of buildings on the land, and obsolete buildings not suitable for improvement or conversion. 2.02. The Council further finds that, based upon discussions with and written representations made by proposed developers, the proposed 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 Development District is properly zoned for the intended uses, and the anticipated development is in further- ance of long range plans of 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 Development District and of Tax Increment Financing District No. 17 by private enterprise because they will enable the Commission to provide and finance suitable and necessary public inducements. 2.03. The Council further finds that the Plans are intended and, in the judgment of this Council, their effect will be, to promote the' public purposes and accomplish. the, objectives specified in the Tax Increment Financing Plans and the Development Plan for Development District No.1, which are all consistent with the efforts already made for the development of that area. Section 3. Approval and Adoption of the Plans. 3.01. The Plans, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Clerk-Treasurer. t'