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1.03. The City has performed all actions required by law to be performed prior to the establishment of Tax Increment Financing District No. 13, and the adoption of the proposed Tax Increment Financing Plan relating thereto, including, but not limited to, notification of Ramsey County and Independent School District No. 621 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. Findinas for the Creation of Tax Increment Financina District No. 13. 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. 13 are intended and, in the judgment of this Council, its effect will be, to provide an impetus for residential development in the City, cause the removal of blighted buildings, 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. Findinas for the Establishment of Tax Increment Financina District No. 13. 3.01. The Council hereby finds that Tax Increment Financing District No. 13 is a redevelopment district pursuant to Minnesota Statutes, section 469.174, Subdivision 10{a) (1). Tax Increment Financing District No. 13 consists of two parcels. Over 15% (54%) of the total area of the district is occupied by buildings, streets, utilities or other improvements. 17% of Parcell and 56% of Parcel 2 are occupied by buildings, streets, utilities or other improvements. 80% of the buildings (4 of 5) have been determined to be structurally substandard. 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, therefore, the use of tax increment financing is deemed necessary. The specific basis for such finding being: Without the City's assistance College Properties, Inc. would not be able to move forward with respect to demolition and utility modifications to allow this project to move forward. Furthermore, based on the availability of less expensive land in other areas, the proposed write down becomes even more critical with respect to assisting College Properties, Inc. with its proposed housing and office facilities. College 238096 2