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City of Mounds View TIF Distric t No. 3 Modification 16 | P a g e It was necessary to make certain assumptions regarding income, costs and timing of the tax increment redevelopment district. These assumptions are based on discussions with city officials and developers. Z. Municipal Findings Pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, before or at the time of approval of the tax increment financing plan, the municipality shall make the following findings and shall set forth the reasons and supporting information for the determination (see Appendix B): 1. The proposed development or redevelopment, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonable foreseeable future and, therefore, the use of tax increment financing is deemed necessary since the developers could not construct the improvements without the use of tax increments to assist with the financing of soil correction; and 2. The tax increment financing plan will afford maximum opportunity, consistent with the sound _________ of the City as a whole, for the development by private enterprise as it will enable the City to provide a suitable site, via soil correction for development; thereby encouraging development in the area. 3. The tax increment financing plan conforms to the general plan for the development of the city as a whole. 4. The tax increment district to be established is a redevelopment district pursuant to Minnesota Statutes, Section 469.174, Subdivision 10 in which the conditions described in Section E of this plan exist. ZZ. Fiscal Disparities Treatment The City will elect the method of tax increment computation pursuant to Minnesota Statutes, Section 469.177, Subdivision 3, clause (a), consequently, the district shall be created with the election to spread the fiscal disparities contribution outside the tax increment district.