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I EXHIBIT A TO RESOLUTION NO. 94-84 The reasons and facts supporting the findings for the Tax Increment Financing plan ("TIF Plan") for Tax Increment Financing District No. 24 ("TIF District No. 24") pursuant to Minnesota statutes, Section 469.175, Subdivision 3, are as follows: 1 . Finding that TIF District No. 24 is a "redevelopment district" as defined in Minnesota Statutes. TIF District No. 24 consists of four parcels of land which qualify as a redevelopment district under Minnesota Statutes. 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 financing costs for the redevelopment including acquisition, demolition, relocation, site preparation and installation of public improvements. Due to these significant costs, the redevelopment project would not be financially feasible without City assistance. 3. Finding that the TIF Plan conforms to the general plan for the development or redevelopment of the municipality as a whole. The City Council has reviewed the Modified Development Program and has determined that it conforms to the comprehensive plan of the City. 4. Finding that the TIF Plnn for TIF Dis~ ~ct No. 24 will afford maximum opportunity, consistent with the sound needs of the City as a whole for the development or redevelopment of Development District No. 1 by private enterprise. The project to be developed (a~proximately 30,000 square feet of retail space and 80 units of senior housing) will be located within TIF District No. 24 and will provide additional housing opportunities for senior citizens, additional employment, including construction employment, for residents of the City and surrounding area, and will increase the City's tax base by approximately $3,195,000. 6