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district has a fair market value which when added to the estimated cost of preparing that land for development, excluding costs directly related to roads as defined in Minnesota Statutes, Section 160.01 and local improvements as described in Section 429.021, Subd. 1, clauses 1 through 7, 11 and 12 and Section 430.01, if any, exceeds its anticipated fair market value after completion of said preparation; provided that no parcel shall be included within a redevelopment district pursuant to this paragraph unless a development agreement has been concluded for the development of at least 50 percent of the acreage having the unusual soil or terrain deficiencies providing recourse for the authority should the development not be completed; and WHEREAS, the City Planning Commission has been consulted with regard to the proposed development district and has received a copy of the proposed tax increment financing plan and has been given the opportunity to review and comment upon said tax increment financing plan and the tax increment financing district; and WHEREAS, The City of Roseville has informed the members of the Local School Board of the Independent School District #623 and the Board of Commissioners of Ramsey County of the fiscal and economic implications of the proposed tax increment financing district and invited said School Board members and County Commissioners to the public hearing. WHEREAS, the City of Roseville and The Housing Alliance have negotiated a contract for private redevelopment for the purpose of setting forth the premises and mutual obligations of both parties with respect to the development of land by The Housing Alliance within the proposed tax increment financing district and said contract has been reviewed by legal counsel for the City and The Housing Alliance, respectively. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ROSEVILLE that the City Council does hereby approve the tax increment financing plan and the creation of a tax increment financing district as described in said tax increment financing plan and finds as per Section Z of the tax increment plan: 1. That less than 70 percent of the parcels in the district are occupied by buildings, streets, utilities or other improvements , but due to unusual soil deficiencies requiring substantial filling, grading and other physical preparation for use at least 80 percent of the total acreage of the land in the redevelopment district has a fair market value which when added to the estimated cost of preparing that land for development, excluding costs directly related to roads as defined in Minnesota Statutes, Section 160.01 and local improvements as described in Section 429.021, Subd. 1, clauses 1 through 7, 11 and 12 and Section 430.01, if any, exceeds its anticipated fair market value after completion of said preparation; provided that no parcel shall be included within a redevelopment district pursuant to this paragraph unless a development agreement has been concluded for the development of at least 50 percent of the acreage having the unusual soil or terrain deficiencies providing recourse for the authority should the development not be completed. 2. That the proposed redevelopment would not reasonably be expected to occur solely through private investment. 2