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to.." ttt ,> .; < ..,. :! Section 2. Findings and Establishment of Tax Increment District No.4. 2.01. The Council hereby finds, determines and declares that Tax Increment District No. 4 constitutes a "tax incre- ment financing district", as defined in Minnesota Statutes, Section '273.73, Subdivision 9, and further constitutes an "redevelopment district", as defined in Minnesota Statutes, Section 273.73, Subdivision 10. 2.02. The City Council further finds, declares and determines that less than 70 percent of the parcels in Tax Increment District No. 4 are occupied by buildings, streets, utilities or other improvements, but due to unusual terrain or soil deficiencies requiring substantial 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 district which, when added to the estimated cost of preparing that land for development, exceeds its anticipated fair market value after completion of the preparation. Based on the results of this analysis and the subsequent determination of blight, the City Council has classified Tax Increment District No. 4 as a Redevelopment District as is defined by Minnesota Statutes 273.73, Subdivision 10 (3). The City Council further finds that a development agreement and assessment agreement have been concluded in relation to all parcels in Tax Increment District No.4. 2.03. The Council further finds, determines and de- clares that the proposed development, 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 Financing Plan conforms to the general plan for the redevel- opment of the City as a whole; and that the Financing Plan will afford maximum opportunity, consistent with the sound needs of the Ci ty as a whole, for the development of Tax Increment District No. 4 by private enterprise. 2.04. The Counc i 1 fur ther finds, determi nes and de- clares that the establishment of Tax Increment District No. 4 and the approval and adoption of the Financing Plan by the City is intended and, in the judgment of this Council, its effect will be, to promote the public purposes and accom- plish the objectives specified in the Development Plan for Development District No. 1 and the Financing Plan. 2.05. Under and pursuant to Minnesota Statutes, Sec- tions 273.71 to 273.78, inclusive, as amended, Tax Increment Distr ict No. 4 is hereby approved and established. The - 2 -