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<br />. <br /> <br />. <br /> <br />. <br /> <br />, <br /> <br />EXHIBIT A TO RESOLUTION NO. 89-41 <br /> <br />The reasons and facts supporting the findings for the Tax <br />Increment Financing plan for Tax Increment Financing District <br />No. 1 as required pursua~t to Minnesota statutes, Section <br />469.175, Subdivision 3, are as follows: <br /> <br />1. Finding that Tax Increment Financing District No.1 is an <br />"economic district" as defined in Minnesota Statutes, Section <br />469.174, Subdivision 12. <br /> <br />Tax Increment Financing District No. 1 consists of a parcel of <br />land which qualifies as an economic district under Minnesota <br />Statutes, Section 469.174, Subdivision 12. <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 construction of the Round Lake Park and <br />Trail. Due to the high costs of the public improvements, the <br />project would not be financially feasible without the City's <br />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 Arden Hills has reviewed <br />the Tax Increment Financing Plan for Tax Increment Financing <br />District No. 1 and has determined that the Tax Increment <br />Financing Plan for Tax Increment Financing District No. 1 <br />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. 1 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 (apartments and townhouses) will be <br />located within Tax Increment Financing District No. 1 and will <br />consist of facilities to provide housing for residents of the <br />City and the surrounding area. <br /> <br />5 <br />