CC RES 92-040 RESOLUTION APPROVING REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT AREA NO. 3-RAMSEY COUNTY AND THE REDEVELOPMENT PROJECT TO BE UNDERTAKEN PURSUANT THERETO AND TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-RAMSEY COU

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• occupied by buildings, streets, utilities or other improvements and (ii) more than 50% of the buildings (not including outbuildings) are structurally substandard to a degree requiring substantial renovation or clearance. In making this determination the City Council has reviewed and is relying on the report of Ulteig Engineers, Inc., included in the Redevelopment Plan and Financing Plan, and information otherwise available to the City. 4. Based upon the reasons and supporting facts set forth in the Redevelopment Plan and Financing Plan, pursuant to Minnesota Statutes, Section 469.028, it is hereby found that: (A) The land located within the Project area would not be made available for redevelopment without financial aid sought; (B) The Redevelopment Plan for the area within the City included therein will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment of such areas by private enterprise; and (C) The Redevelopment Plan conforms to the general plan for the development of the City as a whole. 5. Based upon the reasons and supporting facts set forth in the Redevelopment Plan and Financing Plan, pursuant to Minnesota Statutes, Section 469.175, subdivision 3, it is hereby found that: (A) For the reasons stated in Section 3 of this Resolution, the District is a Redevelopment District as defined in Minnesota Statutes, Section 469.174, subdivision 10. (B) The proposed redevelopment to be undertaken in accordance with the Redevelopment Plan in the opinion of this Council would not occur solely through private investment within the reasonably foreseeable future and therefor the use of tax increment financing is deemed necessary. (C) The Financing Plan conforms to the general plan for the development of the City as a whole. (D) The Financing Plan will afford maximum opportunity consistent with the sound needs of the City as a whole for the development of the District by private enterprise. (E) The City elects the method of tax increment computation set • forth in Minnesota Statutes, Section 469.174, subdivision 3, clause (a).