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. . . 2.01. The Council hereby determines and declares that there is a need for new development in that part of the City comprising the District to provide employment opportunities, to improve the tax base and to improve the general economy of the state, The Development Program proposes that the City pay for the costs of the acquisition of certain property and the construction and installation of certain site and utility improvements to encourage the construction of a low and moderate income rental housing project in the District. The Council hereby fmds that the proposed Development Program would improve the Development District by encouraging private development of property therein, thereby increasing employment opportunities and the tax base of the City and overlapping taxing jurisdictions. It is in the best interests of the City to adopt the Development Program. 2.02. Upon review of the Development Program, the information elicited from the planning agency and at the public hearing, and on the basis of the findings made in Section 2.01, this Council hereby adopts the Development Program and orders that the Development Program be placed on file in the office of the City Clerk Section 3. Approval of Tax Increment Financinl! Plan for the District. On the basis of the Plan and the information elicited at the public hearing referred to in Section 1.03, it is hereby found, determined and declared: 3,01. The Plan provides the means to finance certain capiral and administrative costs of the Development District, including the acquisition and improvement of the property located in the District. The Plan contains a statement of objectives for the improvement o(the Development District, a statement as to the development program for the District and a statement of the property within the Development District which the City intends to acquire. The Plan also estimates the capital and administrative costs of the Development District, including the amount of administration expenses, the amount of bonded indebredness to be incurred, the sources of revenues to finance or otherwise pay public costs of the District, the most recent net tax capacity of taxable real property within the District, the captured net tax capacity of the District at completion and the duration of the District. The Plan also describes and identifies the development activities to be undertaken or expected to be undertaken in rhe District. The Plan further contains an estimate of the impact of the proposed tax increment financing on the net tax capacities of all taxing jurisdictions in which the District is located. All the captured tax capacity is necessary for the objectives of the District. 3.02. This Council hereby finds that the District is a geographic area within a "project" as defmed in Minnesota Statutes, Section 469.174, Subdivision 8, and is a proper tax increment financing district within the meaning of Section 469.174, Subdivision 9. The Council further fmds that the establishment of the District is in the public interest because the project to be undertaken therein is intended for occupancy, in part, by persons or families of low and moderate income, as defined in federal housing statutes, and no part of the project consists of commercial or other uses. Therefore, the District qualifies as a "housing district" within the meaning of Minnesota Statutes, Section 469.174, Subdivision 11. The income limitations of Section 469.1761 of the Act are applicable to tenants in the project, because the District is not located in a targeted area as defined in Minnesota Sratutes, Section 462C.02, Subdivision 9, clause (e). 3.03. This Council hereby fmds that the proposed low and moderate income rental housing project to be encouraged pursuanr to the Development Program would not. in the opinion of this Council, occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is deemed necessary. No developer has -3- ~