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1.03. The City has performed all actions required by law to be performed prior to the establishment of Hazardous Sub~tance Subdistrict No. 11A and the adoption of the proposed Finance Plan relating to Tax Increment Financing District No. 11, 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. Findinqs for the Establishment of Tax Increment Financinq District No. 11. 2.01. The Council has heretofore found that Tax Increment Financing District No. 11 is a redevelopment district pursuant to Minnesota Statutes, Section 469.174, Subdivision 10(a)(2). Parcels consisting of 70% of the area of the district are occupied by buildings, streets, utilities or other improvements. Eight of the 40 buildings or 20% are structurally substandard and twelve of the 40 buildings or 30% are in need of substantial 'renovation or clearance. A report from City staff indicating how these buildings qualify is on file in the office of the Director of Community Development. 2.02. The Council has heretofore found 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 with the assemblage of developable but substandard or improperly zoned parcels in order to make sites suitable for future commercial/indus- trial development, the developers could not feasibly construct their developments and without the use of tax increments to assist with the financing of public improvements, the sites would not be available for future commercial/industrial development. The area consists primarily of aging truck terminals with, in many instances, hazardous underground tank leakage problems. A comprehensive development simply cannot occur in this area without public intervention. 2.03. The Council has heretofore found that the Finance Plan for Tax Increment Financing District No. 11 conforms to the general plan for the development or redevelopment of the City as a whole. The specific basis for such finding being: The Finance Plan for Tax Increment Financing District No. 11 will result in the availability of needed land for commercial/industrial development and such development is compatible with the City's zoning ordinances and other 268465.1 2