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<br />EXHIBIT A TO RESOLUTION NO. <br /> <br />,90-31 <br /> <br />The reasons and facts supporting the findings for the Tax <br />Increment Financing Plan for Tax Increment Financing District No. <br />18 as required pursuant to Minnesota Statutes, Section 469.175, <br />subdivision 3, are as follows: <br /> <br />1. Finding that Tax Increment Financing District No. 18 is a <br />"redevelopment district" as defined in Minnesota Statutes, <br />Section 469.174, Subdivision 10(2). <br /> <br />Tax Increment Financing District No. 18 consists of 29 parcels of <br />land which qualify as a redevelopment district under Minnesota <br />Statutes 1987 Supplement, Section 469.174, Subdivision 10(a)(2). <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 available financing costs for the <br />development including site acquisition and site improvements. <br />Due to the high costs of these public improvements, the project <br />would not be financially feasible 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 Planning Commission of the City of New Brighton has reviewed <br />the 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. 18 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 150 multi-family <br />housing units and a 100,000 square foot industrial facility) will <br />be located within Tax Increment Financing District No. 18 and <br />will provide additional housing opportunities, additional <br />employment opportunities and construction employment for <br />residents of the City and surrounding area. <br /> <br />6 <br />