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adoption of the proposed Tax Increment Financing Plan relating thereto, including, but not limited to, notification of Ramsey County, Independent School District No. 621, Independent School District No. 623 and Special Intermediate School District No 916, and the holding of a public hearing upon published and mailed notice as required by law. Section 2. Findings for the Creation of Tax Increment Financing District No. 15. The Council hereby finds that the modification of the Development Program for Development District NO.1 and the creation of Tax Increment Financing District No. 15 are intended and, in the judgment of this Council, its effect will be, to provide an impetus for commercial/industrial development in the City, cause the substantial renovation or clearance of structurally substandard buildings, to increase employment and otherwise promote certain public purposes and accomplish certain objectives as specified in the Development Program and Tax Increment Financing Plan. Section 3. Findings for the Establishment of Tax Increment Financing District No. 15. 3.01. The Council hereby finds that Tax Increment Financing District No. 15 is a redevelopment district pursuant to Minnesota Statutes, Section 469.174, Subdivision 10 (a) (1). Parcels consisting of 70% of the area of the district are occupied by buildings, streets, utilities or other improvements. At least 50% of the buildings are structurally substandard to a degree requiring substantial renovation or clearance. None of the structurally substandard buildings comply with the building code applicable to new buildings or could be modified to satisfy the building code at a cost of less than 15% of the cost of construction a new structure of the same square footage and type on the site. With respect to each parcel included in the 70% calculation set forth above, at least 15% of the area of the parcel is occupied by buildings, streets, utilities, or other improvements. A report from City staff indicating how these buildings qualify is on file in the office of the Director of Community Development. 3.02. The Council further finds that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of Tax Increment Financing District No. 15 2