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1.04. The TIF District is being established to facilitate the demolition of existing blighted buildings, facilitate the construction of an approximately 7,216 square foot facility to operate a light maintenance facility for the Beaudry Oil existing fleet, provide necessary public infrastructure and facilitate future development in the TIF District (collectively, the "Development"). Section 2. Findings for the Adoption and Approval of the Program Modification and TIF Plan. 2.01. The Council hereby finds that: (a) the land within the Development District would not be available for redevelopment without the financial aid to be sought under the Program Modification; (b) the Program Modification will afford maximum opportunity, consistent with the needs of the City as a whole, for the development of the Development District by private enterprise; and (c) the Program Modification conforms to the general plan for the development of the City as a whole. 2.02. The Council finds that the Development District constitutes a "blighted area" as well as, in part, an area that is underused or inappropriately used, within the meaning of Minnesota Statues, Section 469.002, subd. 11 and Section 469.028, subd. 4. 2.03. The Council further finds that the demolition, clearance, and related activities to redevelop the Development District, all in accordance with the Program Modification, constitute a "redevelopment project" within the meaning of Minnesota Statues, Sections 469.002, subd. 14 and Section 469.028, subd. 4. 2.04. The City Council hereby finds that the TIF District is in the public interest and is a redevelopment district, as defined in Minnesota Statutes, Section 469.174, Subdivision 10 for the following reasons: The TIF District is, pursuant to Minnesota Statutes, Section 469.174, Subdivision 10, a "redevelopment district" because it consists of a project or portions of a project within which the following conditions, reasonably distributed throughout the District, exist: (1) parcels consisting of at least 70% of the area of the TIF District are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures and (2) more than 50% of the buildings located within the TIF District are deemed "structurally substandard" (within the meaning of Minnesota Statutes, Section 469.174, Subdivision 10(b) and (c)) to a degree requiring substantial renovation or clearance. The TIF District consists of 12 parcels, and the parcels are "occupied" as defined in Minnesota Statutes, Section 469.174, Subd. 10(e), in that at least 15% of the area of the parcels are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures. In addition, 8 of 12 buildings in the TIF District (which is more than 50% of the buildings) are structurally substandard to a degree requiring substantial renovation or clearance. In addition, the costs of bringing the structurally substandard buildings into compliance with building codes applicable to new buildings would exceed 15% of the cost of constructing new structures of the same size and type on the site. The Materials, including without limitation the supporting facts for these determinations, is on file with the staff of the City. There have been no building permits issued or improvements made to the buildings since the date of the report. 2 502320V3 ISB ELI 85-52