ORD 1398 - Laserfiche WebLink

that it constitutes a serious physical, social and economic burden on the City, which cannot reasonably be expected to be reversed or alleviated by private enterprise acting alone, requiring redevelopment in the interest of the health, safety and general welfare of the people of the City and the State. This finding is based on the fact that governmental action available to the City without redevel- opment would be insufficient to cause any significant cor- rection of the blighting conditions, and that the nature and costs of the public improvements and facilities required to correct the blighting conditions are beyond the capacity of the City and cannot be undertaken or borne by private enter- prise acting alone or in concert with available governmental action. b. The Redevelopment Plan will redevelop the Project Area in conformity with the Community Redevelopment Law and in the interests of the public peace, health, safety and welfare. This finding is based upon the fact that redevel- opment of the Project Area will implement the objectives of the Community Redevelopment Law by aiding in the elimina- tion and correction of the conditions of blight, providing for planning, development, redesign, reconstruction or rehabilitation of properties which need improvement and providing for higher economic utilization of potentially useful land. c. The adoption and carrying out of the Redevelop- ment Plan is economically sound and feasible. This finding is based on the facts that: under the Redevelopment Plan the Agency will be authorized to seek and utilize a variety of potential financing resources, including tax increments; the nature and timing of public redevelopment assistance will depend on the amount and availability of such financ- ing resources, including tax increments generated by new investment in the Project Area; under the Redevelopment Plan, no public redevelopment activity will be undertaken -6-