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City of Mounds View TIF District No. 1 Modification 3 | P a g e (AS MODIFIED MARCH 26, 1990) 1. Description of Development Activities The development program will consist of 326,000 square feet of high quality light industrial facilities with the flexibility of use of manufacturing, assembly, warehouse storage and office. As such, a multi-phased construction build out of new commercial industrial development approximating 150,000 square feet will commence in 1990 and the remainder of the following phases. The developer has been assisted with public improvements costs in addition to land acquisition costs through tax increments generated as a result of these developments. It has also been proposed to develop a scatter site rehabilitation program utilizing tax increment for this district. Objective would include but not be limited to the acquisition of substandard buildings that are economically feasible to rehabilitate or acquisition of substandard residential buildings that are not feasible for rehabilitation, clear the structures and provide the site for new construction. The program could be expanded to smaller commercial locations within the Municipal Development District. A more detailed program will be developed when sufficient tax increments are available. No properties have been identified at this time. 2. Development Activities Covered by Contracts There are no development activities under contract at the present time in the proposed Mounds View Business Park, Third Addition. D. Description of Property in the Tax Increment Financing District The tax increment financing district encompasses the parcels in the redevelopment district identified in Appendix C. (AS MODIFIED ON OCTOBER 8, 2012) See Appendix "A" of this report for a list of the property located in the Tax Increment District. E. Classification of the Tax Increment Financing District The City Council of the City of Mounds View, Minnesota, in determining the need for a tax increment financing district in accordance with Minnesota Statutes, Sections 273.71-273.78 inclusive, finds that the district to be established is a redevelopment district pursuant to Minnesota Statutes Section 273.73, Subdivision 10. It has been determined that 15 of the parcels in the district (71 percent) are occupied by buildings, streets, utilities or other improvements and 27 percent of the buildings are structurally substandard and an additional 40 percent of the buildings are found to require substantial renovation or clearance in order to remove such existing conditions as: inadequate street layout, incompatible uses or land use relationships, overcrowding of buildings on the land,