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, .. <br />C� <br />�� <br />Section 3. Findings for the Establishment of Tax Increment <br />Financing District No. 11. <br />3.01. ThP Council hereby finds that Tax Increment Financing <br />District No. il is a redevelopment district pursuant to Minnesa�a <br />Statutes, Section 469.174, Subdivision 10(a)(2). The City has <br />determined that parcels consisting of 70� of the area of Tax <br />Increment Financing Distri�t No. ll are occupied by buildings, <br />streets, utilities and other improvements. Eight of the 44 <br />buildings on these parcels or 20� ar� structurally substandart3 <br />and twelve of the 40 buildings or 30� are in need of substantial <br />renovation or clearance. A report from Cit� staff indicating how <br />these buildings qualify as substandard or in neec� r�f substantial <br />renovation ar clearance is on file in the affice of the Director <br />o� �omtnunity Development. <br />3.02. The Council further finds that the paroposed <br />developmenti, in tho opinion of the Council, woul�i not occur <br />�olely througt� private ir�vestment within the reasonably <br />foreseeable future and, th�re�ore, the us� of tax �ncraman� <br />f�nancing is de�m�d necess�ry. The sQecific ba�sis fo�r such <br />�inding beinq� <br />Without the Ci�y's assistan�� with tha �ss�ml�1�►g� of <br />d�velopai�le but subs�andard or impropQrly zon+�d parG@l� <br />in order to anak�e �it�s suit�ble for future cor�unercial/ <br />industrial develapm�n�t, t�e dc�velopers �s��ld not <br />f�asibly cor��tru�t their dr�v�lopm�s:�s and withdut t�� <br />use o� �ax fncr���nts to a�3ist �aith the ffnanc�ng a�' <br />publiG impxov�ment�, th� sit�:� would not ka� evailaale <br />�or futu�re conrn�e�rcial/�ndu�trial d�velopt��nt. Th�► ���a <br />consis�s pr,�maril� a� aqar�� truc� ter�ir��ls �i�h, in <br />m�ny inst�nces, hazarde,us undc�rg�ounc! tar�k l��kagc� <br />�r�blems. A �omprc�hc�nsfve d�rrelopm�n� s�mpl�r c�n�na� <br />s,ccur in �his erc�� without �ublic in�c�rv�ntion. <br />3.03. �ht� <br />Financ�nq Plan <br />con�arm� to th� <br />o� th� City �� <br />bc�inq: <br />Counc�,l Pur. thQr �in�dg tha�t the T�x IncrQt��flt <br />�or �gx �ncrem�r�� Fin�ncin� D�.��rict No. li <br />q�rn�r�l pl��r for t!�@ d�v�loprn�r�t ar r�cic�v�lo�am�ntc <br />a wt�o�a, '�hc� �pacifi� ��sis �a� such �ind�ng <br />Ths Tax In�r�t��r�t Fina�ncing ��an �or '�mx �ncr�er���� �°�,nan�a.ng <br />Dis��i�t No. 11 w�ll qen�r�].�� corrplim�nt �nr� s�rvQ to <br />impl�ment palici�s adop�ed i.� th� Ci�y'� com�reh�ns,v� plan. <br />3.Q�. The Counci7. furth�r �ind� kh�t th� T�x �ncr�m�n`L <br />Fin�nc.ing Pl�n �o�r Tax Ihcrem�r�t Fin�n�ing Di��rict P�o. 1� wi11 <br />���Q�� m��imu_� oP-�+Q���ni�y �Qnsist�flt �ith th� sound need� af t�€� <br />� ttt5 3 <br />