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same after notice of the public hearing was published in <br /> the official newspaper of the City, not less than 10 days <br /> prior to the date of the hearing. All persons desiring to <br /> be heard were heard. <br /> 2 . The Redevelopment Plan, Redevelopment Project, <br /> Financing Plan and establishment of the District are hereby <br /> approved. <br /> 3 . This Council finds that the District is a soils <br /> condition district within the scope of Minnesota Statutes, <br /> Section 469 . 174 , subdivision 19 , for the following reasons : <br /> ( i ) less than 70% of the parcels in the District are occupied <br /> by buildings, streets, utilities or other improvements, ( ii ) <br /> due to unusual terrain or soil deficiencies requiring substantial <br /> filling, grading or other physical preparation for use at <br /> least 80% of the total acreage of land in the District has <br /> a fair market value upon inclusion in the District, which <br /> when added to the cost of preparing the land for development, <br /> excluding costs directly relating to roads as defined in <br /> Section 160.01 and local improvements as described in Section <br /> 429 . 021, subdivision 1, clauses 1 to 7, 11 and 12 and 430 .01, <br /> exceeds its anticipated fair market value after completion <br /> of the preparation; and ( iii ) upon the execution and delivery <br /> by the HRA and the Developer of the Redevelopment Agreement, <br /> • the HRA will have concluded an agreement for the development <br /> of at least 50% of the acreage in the District having the <br /> unusual soil or terrain deficiencies, which agreement provides <br /> recourse to the HRA should the development not be completed. <br /> The reasons and supporting facts for this determination are <br /> contained in the Redevelopment Plan and Financing Plan which <br /> reasons and supporting facts are incorporated herein by <br /> reference . <br /> 4 . Based upon the reasons and supporting facts <br /> set forth in the Redevelopment Plan and Financing Plan, pursuant <br /> to Minnesota Statutes, Section 469 .028, it is hereby found <br /> that : <br /> (A) The land located within the <br /> Project area would not be made available <br /> for redevelopment without financial aid <br /> sought; <br /> (B) The Redevelopment Plan for <br /> the area within the City included therein <br /> will afford maximum opportunity, consistent <br /> with the sound needs of the City as a <br /> whole, for the redevelopment of such <br /> areas by private enterprise; and <br /> (C ) The Redevelopment Plan conforms <br /> to the general plan for the development <br /> of the City as a whole . <br /> -2- <br />