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EXHIBIT A TO RESOLlITION NO. The reasons and facts supporting the findings for the Proposed TIF Plan for the Proposed TIP District pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, are as follows: 1. Finding that the Proposed TIF District is a "redevelopment district" as defined m Minnesota Statutes. The Proposed TIP District consists of twelve parcels of land. Parcels containing at least 70% of the total square footage of this site contains structures, of which at least 50% are 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, Section 469.174, Subdivision 10. ? 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 fmancing 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. 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 TIF 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 an approximate 97 unit market rate senior housing facility and the renovation of approximately 20,000 square feet of retail space in 1998/1999. Additional projects proposed include approximately 35,000 square feet of retail space and the relocation and expansion of the existing Super America and Dairy Queen facilities. G,\WPDATA\N\NEW BRIGHTON\04\TIF\COUNCIL RESOLUTION_DOC 5