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<br />.. <br /> <br />EXHIBIT A TO RESOLUTION NO. <br /> <br />The reasons and facts supporting the findings for the Tax <br />Increment Financing Plan for Tax Increment Financing District <br />No. 20 as required pursuant to Minnesota Statutes, Section <br />469.175, Subdivision 3, are as follows: <br /> <br />1. Finding that Tax Increment Financing District No. 20 is a <br />"redevelopment district" as defined in Minnesota Statutes. <br /> <br />Tax Increment Financing District No. 20 consists of 8 parcels of <br />land which qualify as a redevelopment district under Minnesota <br />Statutes. <br /> <br />2. Finding that the proposed development or redevelopment, in <br />the opinion of the Council, would not occur solely through <br />private investment within the reasonably foreseeable future and, <br />therefore, the use of tax increment financing is deemed <br />necessary. <br /> <br />City staff has reviewed the financing costs for the development <br />including site acquisition, public improvements and site <br />improvements. Due to the high costs of these acquisitions and <br />improvements, the project would not be financially feasible <br />without the City's assistance. <br /> <br />3. Finding that the Tax Increment Financing Plan conforms to <br />the general plan for the development or redevelopment of the <br />municipality as a whole. <br /> <br />The City Council of the City of New Brighton has reviewed the <br />Development Program and has determined that the Development <br />Program conforms to the comprehensive plan of the City. <br /> <br />4. Finding that the Tax Increment Financing Plan for Tax <br />Increment Financing District No. 20 will afford maximum <br />opportunity, consistent with the sound needs of the City as a <br />whole for the development or redevelopment of Development <br />District No. 1 by private enterprise. <br /> <br />The project to be developed (approximately 110,000 square feet of <br />office warehouse)will be located within Tax Increment Financing <br />District No. 20 and will provide additional construction <br />employment for residents of the City and surrounding area. <br /> <br />6 <br />