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EXHIBIT B - SPECIFIC FINDINGS FOR MODIFIED DISTRICT tion to the findings included in Exhibit A, the reasons and facts supporting the al findings for the Restated Plan for the Modified District pursuant to Minnesota s, Section 469.175, Subdivision 3, are as follows: inding that the increased area of the Modified District is a "redevelopment " as defined in Minnesota Statutes. he original area of the Modified District, as approved on December 14, 2004, was found 0 qualify as a redevelopment district at that time. The increased area now being adde to the Modified District consists of five parcels, all of which are occupied by buildi s, streets, utilities, paved or gravel parking lots or similar structures. This 100% area overage exceeds the 70% coverage required by Minnesota Statutes, Section 469.1 ,Subdivision 10(1). Additionally, there are four existing buildings, all of which have een determined to be "structurally substandard" because they contain defects in struct al elements or a combination of deficiencies in essential utilities and facilities, light and v ntilation, fire protection including adequate egress, layout and condition of interior partiti s, or similar factors, which defects or deficiencies are of sufficient total signifi ance to justify substantial renovation or clearance. This 100% of the existing buildi s satisfies the requirements of Minnesota Statutes, Section 469.174, Subdivision 10(1) hich requires that over 50% of buildings, not including outbuildings, must be found "struc rally substandard." It has further been determined that these conditions are reaso ably distributed throughout the increased area of the Modified District. These findin and the conclusion that the increased area of the Modified District qualifies under the st tutory criteria and formulas for a redevelopment tax increment financing district are furth described in a report prepared by Short Elliott Hendrickson, Inc. dated November 9, 20 (the "SEH Report"). 2. Finding that the proposed development or redevelopment within the ed area of the Modified District, in the opinion of the Council, would not solely through private investment within the reasonably foreseeable future erefore, the use of tax increment financing is deemed necessary. The redevelopment activities proposed for the increased area of the Modified include the construction of approximately 54 row craftsman town homes, 40 urban wnhomes, 120 urban townhomes, 118 gable town homes and 40 executive mas to be constructed between 2007 and 2010. Upon completion of this lopment, the City's tax base will increase approximately $93.0 million. City staff has reviewed the estimated redevelopment costs for the increased area Modified District including land and building acquisition, demolition, relocation, ucture improvements, site preparation and improvements, and environmental 8 , i I' II I