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hereby confirms, ratifies and adopts the Materials, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. 1.04. The TIF District is being established to facilitate the demolition of the existing substandard building, facilitate the construction of a multifamily housing complex in the TIF District and all related amenities and improvements, to be constructed, owned and operated by the Developer on property within the TIF District, together with any necessary and directly related infrastructure (collectively, the "Development"). Section 2. Findings for the Adoption and Approval of the Prq&ram 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. The Development District is not being expanded and the only modification of the Program relates to the incorporation by reference of the proposed TIF District and the terms of the TIF Plan therefor. 2.02. The Council finds that the TIF 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 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 1 parcel, and the parcel is "occupied" as defined in Minnesota Statutes, Section 469.174, Subd. 10(e), in that at least 15% of the area of the parcel is occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures. In addition, the building in the TIF District (which is more than 50% of the buildings) are structurally substandard to a degree requiring substantial renovation 2 ELI U501714796A