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EXHIBIT A TO RESOLUTION NO. The reasons and facts supporting the findings for the Proposed TIP Plan for the Proposed TIP District pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, are as follows: 1. Finding that the Proposed TIP District is a "redevelopment district" as defined m Minnesota Statutes. The Proposed TIP District consists of a single parcel of land which contains a single building determined to be structurally substandard to a degree requiring substantial renovation or clearance, and as such qualifies it as a redevelopment district under Minnesota Statutes. Seetin 469.174, Subdivision lQ. 2. Finding that the proposed development., in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. City staff has reviewed the redevelopment costs including acquisition, demolition, relocation and site preparation and the available methods of financing this project, and has determined that without tax increment assistance, the redevelopment would not be economically feasible to construct and finance, and therefore would not proceed without City intervention. The existing structure is a non-conforming use and there can be no expansion. In addition, a high voltage power line easement prohibits any construction on the easement. In addition, City staff has determined that the increased market value realized from a project receiving no tax increment assistance would be considerably less than the increased market value (less the present value of tax increment receipts) from a project utilizing tax increment assistance. (see attached Schedule 1). 3. Finding that the Proposed TIP Plan conforms to the general plan for the development or redevelopment of the municipality as a whole. The City Council has reviewed the Program for the Project Area and has determined that it conforms to the City's Comprehensive Plan. 4. Finding that the Proposed TIP Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole for the development or redevelopment of the Project Area by private enterprise. Development within the Proposed TIP District includes the construction of a 3,200 square foot convenience store, a 1,200 square foot coffee shop, and a 12,000 square foot two-story office building. G,\WPDATA\N\NEW ERIGHTON\22\OOC\COUNCIL RESOLUTION.DOC 5