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, respect to Tax Increment Financing District No. 15, and is also a housing district, as defined in Minnesota Statutes, Section 469.174, Subdivision 11, because a portion of the rental units of the project proposed for said District will, pursuant to a certain Contract for Private Development, dated as of January l4, 1988, by and between the City and Golden Pond, a Minnesota limited partnership, be reserved for persons of low and moderate income due to the infusion into the overall project of certain Community Development Block Grant funds and due to the fact that the developer will be financing the project pursuant to the issuance of tax exempt multifamily revenue bonds for a "qualified residential rental project" within the meaning of Section l42(d) (1) (B) of the Internal Revenue Code of 1986. In addition, the Council further finds that said District qualifies as a redevelopment district, as defined in Minnesota Statutes, Section 469.174, Subdivision 10(a) (2) due to the fact that 70% of the parcels in said District are occupied by buildings, streets, utilities, or other improvements and 20% of the .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 hereby finds that Tax Increment Financing District No. 15 is a redevelopment district, as defined in Minnesota Statutes, Section 469.174, Subdivisions 10(a) (1) and 10(a) (2), respectively, because (I) 70% of the parcels in said District are occupied by buildings, streets, utilities, or other improvements and more than 50% of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance and (2) 70% of the parcels in said District are occupied by buildings, streets, utilities, or other improvements and 20% of the 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 incompatible uses or land use relationships and obsolete buildings not suitable for improvement or conversion. 2.03. The Council further finds that 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