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~p t 'f' .. tl < -:: .....,J,......,,'~ . -- ......--. 'Il, .. ..'!_ '~"'->l ..t .. \j': 3.02. The Council further finds, declares and deter- mines that in Tax Increment Districts Nos. 2 and 3, the land in each district is predominantly occupied by buildings, streets, utilities or other improvements and more than fifty percent of the buildings, not including outbuildings, are structurally substandard to a degree requir ing substantial renovation or clearance. Based on this finding and the subsequent Rdetermination of blightR, the City Council has classified Tax Increment Districts No. 2 and 3 as ~edeve10p- ment Districts as is defined by Minnesota Statutes 273.73, SUbdivision 10(1). The City Council further finds, declares and determines that the land in Tax Increment District No. 1 is not pre- dominantly occupied by buildings, streets, utilities or other improvements, but 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 esti- mated cost of prepar ing the land for use, exceeds its an- ticipated fair market value after completion of the prepara- tion. Based on the results of this analysis and the sub- sequent determination of blight, the City Council has clas- sified Tax Increment District No. 1 as a Redevelopment Dis- trict as is defined by Minnesota Statutes 273.73, Subdivi- sion 10(3). 3.03. 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 Plans conform to the general plan for the redevel- opment of the City as a whole; and that the Financing Plan will afford maximum opportunity, consistent wi th the sound needs,of.theCity as a.wb,ole" for the development of each of the Tax Increment Distr icts by;priyate enterprise.':t!0"{'; 3.04. The Council further finds, determines and de- clares that the establishment of the Tax Increment Districts and the adoption and approval of the Development Plan and the Financing Plans by the Ci ty is intended and, in the judgment of this Council, its effect will be, to promote the public purposes and accomplish the objectives specif ied in the Development Plan, the Financing Plans, Minnesota Stat- utes, Section 4 7.2A.Ol, and Minnesota Statutes, Sections 273.71 to 273.78, inclusive, as arnended~ o . 3.05. Under and pursuant to MInnesota Statutes, Sec- tions 273.71 to 273.78, inclusive, as amended, Tax Increment District NO.1, Tax Increment District No. 2 and Tax Incre- ment District No. 3 are hereby established and approved in and for the City. The property included in the Tax Incre- - 3,.-