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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, 14 are intended and, in the judgement of this Council, its effect will be, to provide an impetus for 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. Findings for the Establishment of Tax Increment Financing District No, 14. 3.01. The Council hereby finds that Tax Increment Financing District No. 14 is a redevelopment district pursuant to Minnesota Statutes, Section 469.174, Subdivision 10(a)(1). Tax Increment Financing District No. 14 consists of two parcels. Over 70% (77%) of the total area of the district is occupied by buildings, streets, utilities or other improvements. 75% of the . buildings (3 of 4) 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 CSM Corporation would not undertake the project because the project would not be economically feasible due to costs associated with demolition of substandard structures, environmental clean up of asbestos, leaking underground tanks, pipes and contaminated soil, land acquisition; and soil correction, 3.03 The Council further finds that the Tax Increment Financing Plan for Tax Increment Financing District No. 14 conforms to the general plan for the development or redevelopment of the City as a whole. The specific basis for such finding being: The Tax Increment Financing Plan for Tax Increment Financing District No. 14 will generally compliment and serve to implement policies adopted in the City's comprehensive plan. 3.04 The Council further finds that the Tax Increment Financing Plan for Tax Increment Financing District No. 14 will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of Development District No, 1 by private enterprise. The specific basis for such finding being: It will enable the renovation of clearance of structurally substandard buildings and the construction of new projects in the City, thereby encouraging other development in the area. Section 4, Approval of the Tax Increment Financing Plan.