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<br />-"'-------r- <br /> <br />" <br /> <br />1.03. The City has performed all actions required by <br />law to be performed prior to the modification of Development <br />District No.1, and the amendment of Tax Increment Financing <br />Districts No. 1 through No.7, the establishment of Tax <br />Increment Financing District No. 8 and the adoption of the <br />Modified Development Program and proposed Tax Increment <br />Financing Plan relating thereto, including, but not limited <br />to, notification of Ramsey County and School District No. <br />621 having taxing jurisdiction over the property to be in- <br />cluded in Tax Increment Financing District No.8, a review <br />by the Ci ty Planning Commission of the proposed Modif led <br />Development Program for Development District No. 1 and the <br />proposed Tax Increment Financing Plan for Tax Increment <br />Financing District No.8 and the holding of a public hearing <br />upon published and mailed notice as required by law. <br /> <br />Section 2. Findings for the Modification of Development <br />District No. 1. <br /> <br />2.01. The Council hereby finds that the modification by <br />enlargement of Development District No. 1 is intended and, <br />in the judgment of this Council, its effect will be, to <br />provide an impetus for commercial and industrial development <br />in the City, to increase employment, and otherwise promote <br />certain public purposes and accomplish certain objectives as <br />specified in the Modified Development Program. <br /> <br />Section 3. Findings for the Establishment of Tax Incre- <br />ment Financing District NO.8. <br /> <br />3.01. The Council hereby finds that in certain portions <br />of Tax Increment Financing District No.8, 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. Based on this <br />finding, the City Council has classified Tax Increment <br />Financing Distr ict No. 8 as a Redevelopment Distr ict as <br />defined by Minnesota Statutes Section 273.73, Subdivisions <br />10(2) and 10(3). <br /> <br />3.02. 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. 8 by <br />private enterprise. <br /> <br />- 2 - <br />