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••� 1• t�•- • l.' • =111" 1 • /�" ••ill , <br />� 1.17 \!lam <br />' <br />2.01. The Council hereby finds that the establishment of <br />Development District No. 1 is intended, and in the judgment of <br />this Council, its effect will be, to provide an impetus for <br />' <br />commercial and industrial development in the City, to increase <br />employment, and otherwise certain <br />promote public purposes and <br />accomplish certain objectives as specified in the Modified <br />Development Program. <br />' <br />Section 3. Find Ms for the Establishment of Tax Incremen <br />Financina District No. 1 <br />3.01. The Council hereby finds that in certain portions of <br />Tax Increment Financing District No. 1, less than 70 percent of <br />the parcels in the district are occupied by buildings, streets, <br />' <br />utilities or other improvements, but due to unusual terrain or <br />soil deficiencies requiring substantial filling, grading or other <br />physical preparation for use at least 80 percent of the total <br />' <br />acreage of such land has a fair market value upon inclusion in <br />the redevelopment district which, when added to the estimated <br />cost of preparing that land for development, exceeds its <br />anticipated fair market value after completion of said <br />preparation. <br />' 3.02. The council further finds that the proposed <br />development, in the opinion of the Council, would not occur <br />solely through private investment within the reasonably <br />foreseeable future and, therefore, the use of tax increment <br />' financing is deemed necessary: that the Tax Increment Financing <br />Plan conforms to the general plan for the development or <br />redevelopment of the City as a whole= and that the Tax Increment <br />' Financing Plan will afford maximum opportunity consistent with <br />the sound needs of the City as a whole, for the development of <br />Tax Increment Financing District No. 1 by private enterprise. <br />3.03. The Council further finds <br />Tax Increment Financing District No. <br />adoption of the Tax Increment Financing <br />intended and, in the judgment of this <br />be, to promote the public purposes and <br />specified in the Tax Increment Financing <br />Section 4. <br />that the establishment of <br />1 and the approval and <br />Plan relating thereto is <br />Council, its effect will <br />accomplish the objectives <br />Plan. <br />4.01. The Proposed Development Program for Development <br />District No. 1, and the Tax Increment Financing Plan for Tax <br />Increment Financing District No. 1 are hereby approved and <br />adopted and shall be placed on file in the office of the <br />Administrator. <br />- 2 - <br />