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of public improvements <br />• available for future commercial sites would not be <br />The area consists primarily oflagingr t u k Vterminals <br />with, i n m a n y i n s t a n c e s, hazardous underground tank <br />leakage problems. A comprehensive development simply <br />cannot occur in this area without public intervention. <br />u <br />ZZ. <br />• <br />2• The tax increment financin <br />opportunity, consistent wi h pthe sound a needs of lthe <br />City as a whole, for the development or redevelopment <br />of the project by private enterprise as it wi11 enable <br />the City to provide suitable sites for future <br />development; thereby encouraging redevelopment in the <br />area. <br />3• The tax increment financing plan conforms to the <br />general plan for the development of the city as a whole <br />as it will result in the availability of needed land <br />• for commercial/industrial development and such <br />development is compatible with the City�s zoning <br />ordinances and other related regulations and encourages <br />the provision and development of commercial and <br />industrial land as set forth in the City�s Land <br />Use/Comprehensive Plans. <br />4• As required by the Tax Increment Financing Act, in <br />establishing Tax Increment Financing District No. 11, <br />the determination has been made that the anticipated <br />development would not reasonably be expected to occur <br />solely through private investment within the reasonably <br />foreseeable future and that therefore, the use of tax <br />increment financing has been based upon written <br />representations made by the developer to such effects <br />and upon City staff awareness of the feasibility of <br />developing the subject site. <br />Fiscal Disparities Election by Resolution <br />The City will elect the method of tax increment <br />set forth in Section 469.177, Subdivision 3, <br />pursuant to Minnesota Statutes, Section 469.175, <br />3(5) . By this election, the City desires that � <br />the contribution to the fiscal disparities are <br />com� from Tax Increment Financing District No. <br />been estimated that 600 of the projected tax inc: <br />be retained while 40% will be contributed to �1- <br />fiscal disparities pool. <br />computation <br />clause (b� , <br />Subdivision <br />portion of <br />� wide pool <br />11. It has <br />�ements will <br />e area wide <br />