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3.02. The City Council hereby makes the following additional findings: (a) The City Council further fords that the proposed Project, in the opinion of the City 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 Developer has represented that it could not proceed with the Project without tax increment assistance to offset the high cost of the land acquisition and site improvements necessary for the Project. The Developer has further represented that the Project is necessary for the Developer to retain its current operations in the State, as well as to expand its business and increase jobs and the tax base in the State. The Developer has provided supplemental financial information demonstrating that the development of this site would not occur without the assistance provided in the TIF Plan. No private entity has undertaken efforts for similar land development in this area of the City with an emphasis on job creation. The cost of construction of the project and availability of revenues to support repayment of debt has created a financial gap that requires a level of public assistance. (b) The City 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 conforms with the general development plan of the City and will generally complement and serve to implement policies adopted in the City's comprehensive plan. The construction of the Project contemplated on the Property is in accordance with the existing zoning or approved zoning variances for the property. (c) The City 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 proposed Project will be used by the Developer as an industrial warehouse facility and will afford maximum opportunity for the development of the Property to serve the needs of the City. The new facility is expected to create and retain up to 70 new jobs in the City and State plus create new tax base for the City and the State. The development meets the City's community development goals in terms of land use, tax base growth and diversification and employment opportunities. The Project will maximize the potential of an underutilized site and will increase the taxable market valuation of the City and the State, will retain and increase jobs in the City and State, and add a high -quality development to the City. rp0111n19 BI NATURE