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FROM RRIG65 R MORGAN 4o23s1993 1e195 P. 3 1603* The City has performed all actions vaquired by law to be performed prior to the establishment of Tar Increment Financing District Mo. 13# and the adoption of the proposed Tax Increment Financing Plan relating thereto, including, but not limited to, notirleation of Ramsay* County and lnde ndent school piatr�ict No. 621 and special lnternediate school p strict No. 916. and fire holding of a. public hearing upon published and mailed notios as riced by law. Section 2. Fiftdih= for the Creation_ _o f Tam Increment rir�er�cf rya oistrijt . 13 . The Council hereby tinds that the modification of the Development Prorav for IDevelopment District No* 1 and the creation of Tax Increment financin District No; 13 are Lntanded and, in the Judgmnt of this Couno 1 i its of fact ' vi 11 bar to provide an impetus for residential development in the City, cause the removal of blighted buildings, increase employment and otherwise promote certain public purposes and accomplish oartain objectives as specified in the Development program and Tar Increment ri ancimg plan S act f on 3. Vind inns f2r the Eetabl ishlMot of Tar Increment rinanoing Dietrigt o. x3 e 1.Ol. The Council hereby finds that Tar fborement Financing .District If** 13 is a redevelopment district pursuant to Minnesota Statutes. section 469 a 174 Subdivision 10 (a) (1) 9 Tar Increment Financing District No. 13 consists of two paroo is . over is (54%) of the total area of tho district is occupied by buildings, street me s. utilities or other improv nts. 17t of parcel 1 and 56% of Parcel 2 are occupied by buildings, streetsg utilities or other improvements. not of the buildings (4 of 5) have been determined to be structurally substandard. A report from City staff indioatin hot these buildings qualify is on file-in the office of the rootor of ommunityr Development. 3 9 02 a The Council further finds that the proposed development, in the opinion of the council, would not occur solely through private investment within tha reasonably f ore seeab Le future and, theref ore g the use of tax increment f inancing , is deemed neoessary t The specific bas is for such finding being: U without the cit,s assistance colt a properties, Inc. mould not ablo to mova forward W th respect .to domolition and utility modifications to allow this project to move forward* Furthermore# based on the ava i labi 1 it of lass expensive lard in other areas, the proposed yr to down becomes even nor* critical with respect to assisting Colloga Properties, Inc. with its proposed hqua ing and office facilities a College 2