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of the property to the City and the price paid by <br />developers* <br />(6) The amount of tax - exempt obligations, other than <br />those reported under clause (3), that were issued on behalf <br />of private entities for facilities located in Tax Increment <br />Financing District No. 1* <br />Y l* Assumptions <br />It was necessary to make certain assumptions regarding <br />income, costs and timing of Tax Increment Financing District <br />No, 12. These assumptions are based on discussions with the <br />City, county, and the prospective developers. <br />Municipal Findings <br />Pursuant to Minnesota statutes, section 469.175, subdivision <br />3. before or at the time of approval of the tax increment <br />financing plan, the municipality shall make the following <br />findings and shall set forth in writing the reasons and <br />supporting facts for each determination. <br />1. The proposed development, in the opinion of the City, <br />would not reasonably be expected to occur solely <br />through private investment within the reasonably <br />foreseeable future and, therefore, the use of tax <br />increment financing is deemed. necessary. Without the <br />City's assistance NCR would not be able to move forward <br />with respect to demolition and utility 'modifications to <br />allow this project to nove forward. Furthermore, based <br />on the availability of less expensive l and in other <br />areas, the proposed write down becomes even more <br />critical with respect to assisting NCR with its <br />proposed manufacturing facility. NCR is also facing <br />significant cost considerations with respect to <br />buildings in multi-jurisdictions that further <br />complicate its financing capacity. <br />2 The tax increment financing plan will afford maximum <br />opportunity, consistent with the sound needs of the <br />City as a whole, for the development or redevelopment <br />by private enterprise as it will enable the city to <br />provide suitable sites for future development; thereby <br />encouraging redevelopment in the area. <br />3k, The tax increment financing plan conforms to the <br />general plan for the development of the city as a whole <br />as it will result in the availability of needed land <br />for commercial /industrial development and such <br />development is compatible with the city's zoning <br />ordinances and other related regulations and encourages <br />the provision and development of commercial and <br />industrial land as set forth in the City's Land <br />