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EXHIBIT B REASONS AND SUPPORTING FACTS FOR DETERMINATIONS RELATING TO TAX INCREMENT FINANCING DISTRICT NO. 1 OF THE CITY OF ROSEVILLE, MIlVNESOTA December 17, 2007 Minnesota Statutes, Section 469.175, Subdivisions 3 and 4, require that a municipality make certain findings before or at the time of approval of certain amendments to a tax increment financing plan, and that the municipality set forth in writing the reasons and supporting facts for each determination. Those reasons and supporting facts for the amendment by supplement to the Tax Increment Financing Plan for Tax Increment Financing District No. 1 (the "District") of the City of Roseville, Minnesota (the "City"), are set forth here. 1. Type of District. The City has found that the District is a redevelopment district. The reasons and supporting facts for this determination are as follows: The District is a tax increment financing district which consists of a contiguous geographic area within Development District No. 1, the Redevelopment Project Area, and Industrial Development District No. 1, all established by the City, in which the City will undertake development and redevelopment activities, which district when established met the requirements found in the definition of a "redevelopment district". 2. But-For Test. The City has found that the proposed development and redevelopment, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future. The City need not find that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments. for the maximum duration of the Tax Increment District permitted by the Tax Increment Plan. The reasons and supporting facts for this determination are as follows: (1) The proposed development and redevelopment includes environmental remediation and construction of facilities. (2) This development and redevelopment would not occur in the reasonably foreseeable future solely through private investment because of the high costs thereof. (3) In the absence of tax increment financing, the City expects that the property in the District would continue to be underutilized for some time. 2116002v3 B_1