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1111 EXHIBIT B - SPECIFIC FINDINGS FOR THE PROPOSED DISTRICT In addition to the findings included in Exhibit A, the reasons and facts supporting th additional findings for the Proposed Plan for the Proposed District pursuant to M nesota Statutes, Section 469,175, Subdivision 3, are as follows: Finding that the Proposed District is a "redevelopment district" as defined in nesota Statutes. The Proposed District consists of a single parcel which has been determined to be upied by a building, street, utilities and paved parking lot and which satisfies the erage test required by Minnesota Statutes, Section 469.174, Subdivision 10(1). itionally, the structure has been determined to be "structurally substandard" and her satisfies the requirements of Minnesota Statutes, Section 469.174, Subdivision 1 ), These findings and the conclusion that the Proposed District qualifies under the utory criteria and formulas for a redevelopment tax increment financing district are fu her described in a Report on Building Condition prepared by the City of New Brighton (" 'ty Report"). 2. Finding that the proposed development or redevelopment within the P posed District, in the opinion of the Council, would not occur solely through p i ate investment within the reasonably foreseeable future and, therefore, the use o ax increment financing is deemed necessary. The redevelopment activities proposed for the Proposed District include the c struction of an approximate 6,000 square foot office building with surface parking c mencing in 2007, Upon completion of the redevelopment, the City's tax base will in ease approximately $365,000. City staff has reviewed the estimated redevelopment costs including land and Iding acquisition, demolition, infrastructure improvements, site preparation and rovements, environmental testing and remediation of any pollution, as well as the ilable methods of financing. The estimated costs of assembling and preparing the site stimated to be $415,000, however, the value of the land for the proposed project is roximately $175,000, It has been determined that it is this difference of approximately 0,000 requires tax increment assistance. Finding that the increased market value of the site that could reasonably be ected to occur without the use of tax increment financing would be less than increase in the market value estimated to result from the proposed elopment after subtracting the present value of the projected tax increments for maximum duration of the district permitted by the Proposed Plan. 6 II I 111