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EXHIBIT B - SPECIFIC FINDINGS FOR DISTRICT In addition to the findings included in Exhibit A, the reasons and facts supporting the additional findings for the District Plan for the District pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, are as follows: 1. Finding that the District is a "redevelopment district" as defined in Minnesota Statutes. The District consists of 21 parcels totaling approximately 77.4 acres. Of this acreage, it has been determined that parcels comprising approximately 77.4 acres are occupied by buildings, streets, utilities, paved or gravel parking lots or similar structures. This 100% area coverage exceeds the 70% coverage test required by Minnesota Statutes, Section 469.174, Subdivision 10(1). Additionally, over 67% of the buildings have been determined to be "structurally substandard" because they contain defects in structural elements or a combination of deficiencies in essential utilities and facilities, light and ventilation, fire protection including adequate egress, layout and condition of interior partitions, or similar factors, which defects or deficiencies are of sufficient total significance to justify substantial renovation or clearance. This 67% satisfies the requirements of Minnesota Statutes, Section 469.174, Subdivision 10(1) which requires that over 50% of buildings, not including outbuildings, must be found "structurally substandard." It has further been determined that these conditions are reasonably distributed through the District. These findings and the conclusion that the District qualifies under the statutory criteria and formulas for a redevelopment tax increment financing district are further described in a report prepared by LHB Engineers & Architects dated June 14, 2005 (the "LHB Report"). 2. Finding that the proposed development within the District, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. Redevelopment activities proposed to occur in the District include the construction of approximately 730 loft, townhome and senior condominium housing units, 225,00 square feet of corporate and other office space, and 325,000 square feet of retail and restaurant space over a four to five year period. Upon completion of this redevelopment, the City's tax base will increase approximately $182,186,545, from $30,189,700 to $212,376,245. City staff has reviewed the estimated redevelopment costs including land and building acquisition, demolition, relocation, infrastructure improvements, site preparation and improvements, and environmental remediation as well as the available methods of financing. The estimated redevelopment costs are approximately $65.9 million, however, 6