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EXHIBIT B - SPECIFIC FINDINGS FOR DISTRICT i ion to the findings included in Exhibit A, the reasons and facts supporting the al findings for the District Plan for the District pursuant to Minnesota Statutes, 469.175, Subdivision 3, are as follows: inding that the District is a "redevelopment district" as defined in Minnesota he District consists of eighteen parcels totaling approximately 51.17 acres. Of this a eage, it has been determined that parcels comprising approximately 39.46 acres are 0 upied by buildings, streets, utilities, paved or gravel parking lots or similar struct es. This 77.12% area coverage exceeds the 70% coverage test required by Minn ota Statutes, Section 469.174, Subdivision 10(1). Additionally, ten of the twelve existi structures, or 83.3%, of the buildings have been determined to be "structurally subst dard" because they contain defects in structural elements or a combination of defici cies in essential utilities and facilities, light and ventilation, fire protection including adeq te egress, layout and condition of interior partitions, or similar factors, which defec or deficiencies are of sufficient total significance to justify substantial renovation or clear ceo This 83.3% satisfies the requirements of Minnesota Statutes, Section 469.1 , Subdivision 10(1) which requires that over 50% of buildings, not including outbu I ings, must be found "structurally substandard." It has further been determined that t se conditions are reasonably distributed through the District. These findings and the c clusion that the District qualifies under the statutory criteria and formulas for a redev lopment tax increment financing district are further described in a report prepared by S rt Elliott Hendrickson, Inc. dated November 9,2005 (the "SEH Report"). 2. Finding that the proposed development or redevelopment within the District, in th opinion of the Council, would not occur solely through private investment withi the reasonably foreseeable future and, therefore, the use of tax increment finan ing is deemed necessary. The redevelopment activities proposed for the District include the construction of imately 628,600 square feet of office space, 30,000 square feet of mixed rcial space, 80 rental units, 156 town home flats and 124 loft condominiums to be ded between 2007 and 2010. Upon completion of the redevelopment, the City's e will increase approximately $111.3 million. City staff has reviewed the estimated redevelopment costs including land and buildi g acquisition, demolition, relocation, infrastructure improvements, site preparation and i provements, and environmental remediation as well as the available methods of finan ng. The estimated redevelopment costs are approximately $36.0 million, however, the v lue of the land for the proposed project is approximately $13.0 million. It has been 7