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<br />City as a whole, for the development of Development District No. <br />1 by private enterprise. The specific basis for such finding <br />being: <br /> <br />It will enable the renovation or clearance of structurally <br />substandard buildings and the construction of new projects <br />in the City, thereby encouraging other development in the <br />area. <br /> <br />section 4. Findinqs for the Establishment of Tax Increment <br />Financing District No. 12. <br /> <br />4.01. The Council hereby finds that Tax Increment Financing <br />District No. 12 is a redevelopment district pursuant to Minnesota <br />statutes, Section 469.174, Subdivision 10(a) (1). Tax Increment <br />Financing District No. 12 consists of one parcel. 100% of the <br />buildings (1 of 1) has been determined to be structurally sub- <br />standard. A report from City staff indicating how this building <br />qualifies is on file in the office of the Director of Community <br />Development. <br /> <br />4.02. The Council further finds that the proposed <br />development, in the opinion of the Council, would not occur <br />solely through private investment within the reasonably <br />foreseeable future and, therefore, the use of tax increment <br />financing is deemed necessary. The specific basis for such <br />finding being: <br /> <br />Without the City's assistance NCR would not be able to <br />move forward with respect to demolition and utility <br />modifications to allow this project to move forward. <br />Furthermore, based on the availability of less <br />expensive land in other areas, the proposed write down <br />becomes even more critical with respect to assisting <br />NCR with its proposed manufacturing facility. NCR is <br />also facing significant cost considerations with <br />respect to buildings in multi-jurisdictions that <br />further complicate its financing capacity. <br /> <br />4.03. The Council further finds that the Tax Increment <br />Financing Plan for Tax Increment Financing District No. 12 <br />conforms to the general plan for the development or redevelopment <br />of the City as a whole. The specific basis for such finding <br />being: <br /> <br />The Tax Increment Financing Plan for Tax Increment Financing <br />District No. 12 will generally compliment and serve to <br />implement policies adopted in the city's comprehensive plan. <br /> <br />1115 <br /> <br />4 <br />