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or clearance. In addition, the costs of bringing the structurally substandard building into compliance with building codes applicable to new buildings would exceed 15% of the cost of constructing a new structure of the same size and type on the site. The Materials, including without limitation the report of LHB, Inc. and 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 parcel or building since the date of the report. 2.05. The Council hereby makes the following additional findings: (a) The Council further finds that the proposed development under the TIF Plan, in the opinion of Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. The specific basis for such finding being: The property on which the proposed Development will occur would not be developed in the reasonably foreseeable future. The property within the TIF District has been vacant for a number of years. The City has identified significant and extraordinary costs including site development, demolition, public improvements and other redevelopment costs associated with redevelopment of the project site in conjunction with new development. The estimated total redevelopment costs for this property make the total cost of this effort significantly higher than costs reasonably incurred for similar developments on a clean site. (b) The Council further finds that the TIF Plan conforms to the general plan for the development or redevelopment of the City as a whole. The specific basis for such finding being: The TIF Plan will generally complement and serve to implement policies adopted in the City's comprehensive plan. The City has determined that the development proposed in the TIF Plan conforms to the City comprehensive plan. (c) The Council further finds that the TIF Plan will afford maximum opportunity consistent with the sound needs of the City as a whole for the development of the Development District by private enterprise. The specific basis for such finding being: The anticipated redevelopment of the project site and any subsequent demolition, reconstruction, or renovation related to the project will remain consistent with the City's design goals. The Development proposed to occur within the TIF District will afford maximum opportunity for the development of the applicable parcel consistent with the needs of the City and the removal of substandard buildings. The Development will increase the taxable market valuation of the City and provide additional housing options in the City. EL1851501714796.v1