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<br />b. The Tax Increment Financing Plan will afford <br />maximum opportunity, consistent with the sound <br />needs of the City as a whole, for the development <br />by private enterprise as it will enable the construction <br />of a multifamily housing project, thereby encouraging <br />other development in the area. <br /> <br />c. The Tax Increment Financing Plan conforms <br />to the general plan for the development of the <br />City as a whole as it will result in the availability <br />of needed land and site improvements for a multifamily <br />housing development and such development is compatible <br />with the City's zoning ordinances and other related <br />regulations and encourages the provision and development <br />of multifamily housing land as set forth in the <br />City's Land Use/Comprehensive Plans. <br /> <br />d. Tax Increment District No. 6 is a housing <br />district pursuant to Minnesota Statutes, Section <br />273.73, Subdivision 10 for the reasons set forth <br />in Section E of the Tax Increment Financing Plan. <br /> <br />3. Pursuant to Minnesota Statutes, Section 273.74, <br />Subdivision 3, before or at the time of approvel of the Tax <br />Increment Financing Plan for Tax Increment District No.7, <br />the municipality shall make the following findings and shall <br />set forth in writing the reasons and supporting facts for <br />each determination: <br /> <br />a. The proposed development or redevelopment <br />in the opinion of the City, would not reasonably <br />be expected to occur solely through private investment <br />within the reasonably foreseeable future and, therefore, <br />the use of tax increment financing is deemed necessary. <br />Without the City's assistance with the assemblage <br />of developable but substandard or improperly zoned <br />parcels in order to make sites suitable for future <br />commercial/industrial development, the developers <br />could not feasibly construct their developments <br />and without the use of tax increments to assist <br />with the financing of land writedowns, site improvements <br />and public improvements, the sites would not be <br />available for future commercial/industrial development. <br />In addition, the use of tax increments from Tax <br />Increment District No. 7 to pay the debt service <br />on the City's outstanding tax increment bonds, <br />if necessary, will protect the tax base of the <br />City by minimizing the likelihood that the City <br />will have to levy taxes to pay clebt service on <br />the bonds. <br /> <br />-]- <br />