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,.f _ ! ~ .r .- jurisdiction over the property to be included in Tax Incre- ment Financing District No.6, a review by the City Planning Commission of the proposed Modified Development Program for Development Distr ict No. 1 and the proposed Tax Increment Financing Plan for Tax Increment Financing Distr ict No. 6 and the holding of a public hearing upon published and mailed notice as required by law. Section 2. Findings for the Modification of Development District No.1. 2.01. The Council hereby finds that the modification by enlargement of Development District No. 1 is intended and, in the judgment of this .Council, its effect will be, to provide an impetus for commercial and industrial development in the City, to increase employment, and otherwise promote certain public purposes and accomplish certain objectives as specified in the Modified Development Program. Section 3. Findings for the Establishment of Tax Incre- ment Financing District No.6. 3.01. The Council hereby finds that in certa~n portions of Tax Increment Financing District No.6, seventy percent (70%) of the parcels in the District are occupied by build- ings, streets, utilities or other improvements and more than fifty percent (50%) of the buildings, not including out- buildings, are structurally substandard to a degree re- quiring substantial renovation or clearance. Based on this finding, the City Council has classified Tax Increment Financing District No. 6 as a Redevelopment District as defined by Minnesota Statutes Section 273.73, Subdivision 10(1). 3.02. The Council further finds that in certain por- tions of Tax Increment Financing District No.6, less than 70 percent of the parcels in the district are occupied by buildings, streets, utilities or other improvements, but due to unusual terrain or soil deficiencies requiring substan- tial filling, grading or other physical preparation for use at least 80 percent of the total acreage of such land has a fair market value upon inclusion in the redevelopment dis- trict which, when added to the estimated cost of preparing that land for development, exceeds its anticipated fair market value after completion of said preparation. 3.03. The Council further finds that the proposed de- velopment, in the opinion of the Council, 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 Tax Increment Financing Plan conforms to the general plan for the develop- - 2 -