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Section 2. Findings for the Creation of Tax Increment Financing District No. 16. 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. 16 are intended and, in the judgement of this Council, its effect will be, to provide an impetus for residential development in the City, cause the clean up of contaminated property, 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. 16. 3.01. The Council hereby finds that Tax Increment Financing District No. 16 is a soils condition district pursuant to Minnesota Statutes, Section 469.174, Subdivision 19. Tax Increment Financing District No. 16 consists of a 33.10 acre vacant site owned by Independent School District No. 623. 89% of the acreage in Tax Increment Financing District No. 16 requires remedial action to remove and treat contaminated soils or is being used to accommodate contaminated soils in accordance with an MPCA approved development action response plan. The estimated cost of the clean up required by the development action response plan exceeds the fair market value of the land within Tax Increment Financing District No. 16. A report rrom City staff indicating how the site qualifies 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, Independent School District No. 623 would not be able to move forward with respect to soil contamination clean up to allow the project to move forward. 3.03. The Council further finds that the Tax Increment Financing District No. 16 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 District will result in the availability of needed land for residential development and such development is compatible with the City's zoning ordinances and other related regulations and encourages the provisions and development of residential land as set forth in the City's Land Use/Comprehensive Plans. 3.04. The Council further finds that the Tax Increment Financing Plan for Tax Increment Financing District No. 16 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 2