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. . . RESOLUTION NO. 2491 PAGE TWO OF TWO BE IT FURTHER RESOLVED that the City Council of the City of Mounds View hereby finds that in certain portions of the Modified Tax Increment Financing District No.1, at least 70 percent of the parcels in the district are occupied by buildings, streets, utilities, or other improvements and 20 percent of the buildings are structurally substandard and an additional 30 percent of the buildings are found to require substantial renovation or clearance in order to remove such existing conditions as: inadequate street layout, incompatible uses or land use relationships, overcrowding of buildings on the land, excessive dwelling unit density, obsolete buildings not suitable for improvement or conversion, or other identified hazards to the health, safety and general well being of the community. BE IT FURTHER RESOLVED that the City Council of the City of Mounds View finds that the proposed development, in the opinion of the Council, would not occur solely through private invest- ment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary~ that the Modified Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the City as a whole~ and that the Tax Increment Financing Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of Tax Increment Financing District No. 1 by private enterprise. BE IT FURTHER RESOLVED that the modification of Tax Increment Financing District No. 1 and the approval and adoption of the Tax Increment Financing Plan thereto is intended and, in the judgement of this Council, its effect will be, to promote the public purposes and accomplish the objectives specified in the Tax Increment Financing Plan. BE IT FINALLY RESOLEVED the Modified Development Program for Development District No.2, and Tax Increment Financing Plan for Tax Increment Financing District No. 1 are hereby approved and adopted and shall be placed on file in the office of the Clerk-Administrator. Adopted this 12 day of June, 1989. ATTEST: 4~~~ r Mayor (SEAL)