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Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. Section 2. Findings for the Adoption and Approval of the Plans. 2.01. The Council hereby finds that Tax Increment Financing District No. 3 -2 is in the public interest and is a "redevelopment district," within the meaning of Minnesota Statutes, Section 469.174, Subdivision 10, because . . . parcels consisting of 70% of the area of the district are occupied by buildings, streets, utilities or other improvements and more than 50% of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance. On file with the City is a report setting forth the conditions of the substandard buildings. 2.02. The Council further finds that, based in part on discussions with developers and the intended development of the property involved, the proposed development would not occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of Tax Increment Financing District No. 3 -2 permitted by the Plans; that the Plans conform to the general plan for the development or redevelopment of the City as a whole because the Redevelopment Project is properly zoned for the intended uses, and the anticipated development is in furtherance of long range plans of the City for that area; and that the Plans will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of the Redevelopment Project and of Tax Increment Financing District No. 3 -2 by private enterprise because they will enable the Authority to provide and finance suitable and necessary public inducements. A comparative analysis of estimated market values both with and without establishment of Tax Increment Financing District No. 3 -2 and the use of tax increments has been performed as described above. Such analysis is on file with the City, and indicates that the increase in estimated market value of the proposed development (less the indicated subtractions) exceeds the estimated market value of the site absent the establishment of Tax Increment Financing District No. 3 -2 and the use of tax increments. 2.03. The Council further finds that the Plans are intended and, in the judgment of this Council, their effect will be, to promote the public purposes and accomplish the objectives specified in the Tax Increment Financing Plan for Tax Increment 304781.1 Page 2