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<br />. <br /> <br />. <br /> <br />. <br /> <br />8. That TIF District No. 2 is a Housing Tax Increment Financing <br />District pursuant to Minnesota Statutes S 273.73, Subd. 11. <br /> <br />A. TIF District No.2 is located wholly within the City's <br />Development District No.1. <br /> <br />B. Development District No. 1 has been duly created and the <br />Development Program for Development District No. 1 duly <br />adopted by the City Council pursuant to the provisions of <br />Minnesota Statutes Chapter 472A. <br /> <br />C. The Evans Park Project to.be constructed in TIF District <br />No.2 is intended for occupancy, in part, by persons or <br />families of low and moderate income, as defined in Chapter <br />462A, Title II of the National Housing Act of 1934, the <br />National Housing Act of 1959, the United States Housing <br />Act of 1937, as amended, Title V of the Housing Act of <br />1949, as amended, any other similar present or future <br />federal, state, or municipal legislation, or the regulations <br />promulgated under any of those acts. <br /> <br />9. That the Evans Park Elderly Housing Project to be constructed <br />within TIF District No.2, in the opinion of the City Council, <br />would not reasonably be expected to occur solely through private <br />investment within the reasonably foreseeable future and therefore <br />the use of Tax Increment Financing is necessary. <br /> <br />A. Construction of the Evans Park Project is not financially <br />feasible without long term financing assistance from the <br />Minnesota Housing Finance Agency. <br /> <br />B. The Minnesota Housing Finance Agency requires municipal <br />participation and assistance to elderly housing projects <br />before MHFA financing will be made available. <br /> <br />C. Creation of TIF District No. 2 and capture of the tax increment <br />generated by development in,.the district is the only available <br />means of providing municipal assistance and financing the <br />public improvements necessary for development of the Evans <br />Park Elderly Housing Project to occur within TIF District No.1. <br /> <br />10. Th~t the TIF Plan for TIF District No. 2 is consistent with <br />and conforms to the Comprehensive Plan for the development of <br />the City as a whole and to the City's adopted Land Use Plan. <br /> <br />A. The TIF Plan is consistent with and conforms to the City's <br />Comprehensive Plan and Land Use Plan by: <br /> <br />(i) Encouraging desirable development of land within the <br />City; <br /> <br />(ii) Increasing employment opportunities in the City; <br /> <br />2. <br />