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Section 2. Findin~s~ Development District. <br /> 2.01. It is hereby found and determined that within the District there <br />exist conditions of economic obsolescence, physical deteriorations under- <br />utilization and inappropriate uses of land. <br /> 2.02. It is further specifically found and determined that: <br /> <br /> a) the land in the District would not be made availab]e for <br /> development without the public intervention and financial <br /> assis:ance described in the modified Program and Plan; <br /> b) the modified Program will afford maximum opportunity, <br /> eonsistent with the sound needs of the City as a whole, for the <br /> development of the District by private enterprise; and <br /> <br /> c) the modified Program conforms to the general plan for <br /> development of the City as set forth in she comprehensive <br /> municipal plan. <br /> the findings made by the City at the time of the adoption of <br /> 1985, are hereby reaffirmed. <br /> <br /> 2.03. All <br />the Program on August 27, <br /> <br /> Section 3. Findings: Tax Increment Financing District. <br /> 3.01. It is found and determined that it is necessary and desirable for <br />the sound and orderly development and development of the District and the City <br />as a whole, and for the protection and preservation of the public health, <br />safety, and general welfare, that the authority of the TIF Act be exercised by <br />the City to provide public financial assistance to the District. <br /> 3.02. It is further found and determined, and it is the reasoned opinion <br />of the City, that the development proposed in the modified Program and Plan <br />could not reasonably be expected to occur solely through private investment <br />within the reasonably foreseeable future and that therefore the use of tax <br />increment financing is necessary. <br /> 3.03. The proposed public improvements to be financed largely through <br /> tax increment financing are necessary to permit the City to realize the full <br /> potential of .the District in ter-s of development intensity, employment <br /> opportunities and tax base. <br /> 3.04. The modified Plan confo-~s to the general plan of development of <br /> :he City as a whole. <br /> 3.05. The modified Plan will afford maximum opportunity, consistent with <br /> the sound needs of the City as a whole, for the development of the <br /> District by private enterprise. <br /> 3.06. Ail of the findings made by the City at the time of the adop:ion <br /> of the Plan on August 27, 1985, are hereby reaffirmed. <br /> <br />2 <br /> <br /> <br />