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<br />Section 2. Findin~s; Development District. <br /> <br />2.01. It is hereby found and determined that within the District there <br />exist conditions of economic obsolescence, physical deterioration, under- <br />utilization and inappropriate uses of land. <br /> <br />2.02. It is further specifically found and determined that: <br /> <br />a) the land in the District would not be made available for <br />development without the public intervention and financial <br />assistance described in the modified Program and Plan; <br /> <br />b) the modified Program will afford maximum opportunity, <br />consistent 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 the comprehensive <br />municipal plan. <br /> <br />2.03. All the findings made by the City at the time of the adoption of <br />the Program on August 27, 1985, are hereby reaffirmed. <br /> <br />Section 3. Findings; Tax Increment Financing District. <br /> <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 /> <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 /> <br />3.03. The proposed pub lic 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 terms of development intensity, employment <br />opportunities and tax base. <br /> <br />3.04. The modified Plan conforms to the general plan of development of <br />the City as a whole. <br /> <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 TIF <br />District by private enterprise. <br /> <br />3.06. All of the findings made by the City at the time of the adoption <br />of the Plan on August 27, 1985, are hereby reaffirmed. <br /> <br />2 <br /> <br />2.' <br />