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• <br />and more than 50% of the buildings, not including outbuildings, <br />are structurally substandard to a degree requiring substantial <br />renovation or clearance. On file with the City of Little Canada <br />(the "City ") is a report setting forth the conditions of the <br />substandard buildings. <br />2.02. The Board further finds that the proposed development <br />would not occur solely through private investment within the <br />reasonably foreseeable future and that the increased market value <br />of the site that could reasonably be expected to occur without <br />the use of tax increment financing would be less than the <br />increase in the market value estimated to result from the <br />proposed development after subtracting the present value of the <br />projected tax increments for the maximum duration of Tax <br />Increment Financing District No. 3 -2 permitted by the Plans; that <br />the Plans conform to the general plan for the development or <br />redevelopment of the City as a whole; and that the Plans will <br />afford maximum opportunity consistent with the sound needs of the <br />City as a whole, for the development of the Redevelopment Project <br />and of Tax Increment Financing District No. 3 -2 by private <br />enterprise. <br />2.03. The Board further finds that the Plans are intended <br />and, in the judgment of the Board, their effect will be, to <br />promote the public purposes and accomplish the objectives <br />specified in the Tax Increment Financing Plan for Tax Increment <br />Financing District No. 3 -2 and the Redevelopment Plan for <br />Redevelopment Project Area No. 1. <br />Section 3. Approval and Adoption of the Plans. <br />3.01. The Plans, as presented to the Authority on this <br />date, are hereby approved, established, and adopted; provided <br />that the foregoing approval of the portion of the Plans <br />consisting of the tax increment financing plan and district is <br />conditioned upon approval thereof by the City Council following <br />its public hearing thereon. tTpon such approval, staff of the <br />Authority is authorized and directed to request the Ramsey County <br />Auditor to certify Tax increment Financing District No. 3 -2. <br />Adopted by the Board of Commissioners of the Economic <br />Development Authority of the City of Little Canada this day <br />of , 1995. -- <br />President <br />Secretary <br />304781.1 2 <br />Page 24 <br />8 'd 301 - 91009££ 'OH /6171171 'JS/ l9 :71 96 11 '11 (I113) 9V99 833 319 1flVd 'IS NVOHOY( ONV 800IB8 Y{OH3 <br />