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<br />City of Mounds View TIF District No. 2 Modification 14 | P a g e <br />3. The outstanding principal amount of bonds issued or other loans insured to finance <br />project costs in the district; <br /> <br />4. For the reporting period and for the duration of the district, the amount budgeted <br />under the tax increment financing plan, and the actual amount expended for, at <br />least, the following categories: <br /> <br />a. Acquisition of land and buildings through condemnation or purchase; <br /> <br />b. Site improvements or preparation costs; <br /> <br />c. Installation of public utilities or other public improvements; <br /> <br />d. Administrative costs, including the allocated cost of the authority. <br /> <br />5. For properties sold to developers, the total cost of the property to the authority and <br />the price paid by the developer; <br /> <br />6. The amount of tax exempt obligations, other than those reported under clause (3), <br />that were issued on behalf of private entities for facilities located in the district. <br /> <br />Y. Assumptions <br /> <br />It was necessary to make certain assumptions regarding income, costs and timing of the tax <br />increment redevelopment district. These assumptions are based on discussions with city <br />officials and developers. <br /> <br />Z. Municipal Findings <br /> <br />Pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, before or at the time of <br />approval of the tax increment financing plan, the municipality shall make the following <br />findings and shall set forth the reasons and supporting information for the determination <br />(see Appendix B): <br /> <br />1. The proposed development, in the opinion of the City, would not reasonably be <br />expected to occur solely through private investment within the reasonably <br />foreseeable future and, therefore, the use of tax increment financing is deemed <br />necessary since the developers could not construct the improvements without the <br />use of tax increments to assist with the financing of soil correction; and <br /> <br />2. The tax increment financing plan will afford maximum opportunity, consistent <br />with the sound needs of the City as a whole, for the development by private <br />enterprise as it will enable the City to provide a suitable site, via soil correction for <br />development; thereby encouraging development in the area. <br /> <br />3. The tax increment financing plan conforms to the general plan for the development <br />of the city as a whole. <br /> <br />4. The tax increment district to be established is a redevelopment district pursuant to