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<br />. , <br />, <br />, ~ <br /> <br />Financing Plan conforms to the general plan for the develop- <br />ment or redevelopment of the City as a whole; and that the <br />Tax Increment Financing Plan will afford maximum opportunity <br />consistent with the sound needs of the City as a whole, for <br />the development of Tax Increment Financing District No. 9 by <br />private enterprise. <br /> <br />3.03. The Council further finds that the establishment <br />of Tax Increment Financing District No. 9 and the approval <br />and adoption of the Tax Increment Financing Plan relating <br />thereto is intended and, in the judgment of this Council, <br />its effect will be, to promote the public purposes and <br />accomplish the objectives specified in the Tax Increment <br />Financing Plan. <br /> <br />Section 4. Findings for the Establishment of Tax Incre- <br />ment Financing District No. 10. <br /> <br />4.01. The Council hereby finds that in certain portions <br />of Tax Increment Financing District No. 10, seventy percent <br />(70%) of the parcels in the District are occupied by build- <br />ings, streets, utilities or other improvements and more than <br />fifty percent (50%) of the buildings, not including out- <br />buildings, are structurally substandard to a degree requir- <br />ing substantial renovation or clearance and due to unusual <br />terrain or soil deficiencies, substantial filling, grading <br />or other physical preparation is required. Based on this <br />finding, the City Council has classified Tax Increment <br />Financing Distr ict . No. 10 as a Redevelopment Distr ict as <br />defined by Minnesota Statutes Section 273.73, Subdivisions <br />10(a)(2) and 10(a)(3). <br /> <br />4.02. The Council further finds that the proposed de- <br />velopment, in the opinion of the Council, would not occur <br />solely through private investment within the reasonably <br />foreseeable future and, therefore, the use of tax increment <br />financing is deemed necessary; that the Tax Increment <br />Financing Plan conforms to the general plan for the develop- <br />ment or redevelopment of the City as a whole; and that the <br />Tax Increment Financing Plan will afford maximum opportunity <br />consistent with the sound needs of the City as a whole, for <br />the development of Tax Increment Financing District No. 10 <br />by private enterprise. <br /> <br />4.03. The Council further finds that the establishment <br />of Tax Increment Financing District No. 10 and the approval <br />and adoption of the Tax Increment Financing Plan relating <br />thereto is intended and, in the judgment of this Council, <br />its effect will be, to promote the public purposes and <br />accomplish the objectives specified in the Tax Increment <br />Financing Plan. <br /> <br />- 3 - <br />