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�• 6. The amount of tax exempt obligation-,, other than those reported <br />under clause (3), that were issued on behalf of private entities for <br />facilities located in the district. <br />Y. Assumptions <br />It was necessary to make certain assumptions regarding income, costs and <br />timing of the tax increment redevelopment district. These assumption are <br />based on discussions with city officials and developers. <br />Z. Municipal Findings <br />Pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, before or at <br />the time of approval of the tax increment financing plan, the municipality <br />shall 'make the following findings and shall set forth the reasons and <br />supporting information for the determination (see Appendix 6). <br />1. The proposed development or redevelopment, in the opinion of the <br />City, would not reasonably be expected to occur solely through <br />private investment within the reasonably foreseeable future and, <br />therefore, the use of tax increment financing is deemed necessary <br />since the developers could not construct the improvements without <br />the use of tax increments to assist with the financing of soil <br />correction; and <br />2. The tax increment financing plan will afford maximum opportunity, <br />consistent with the sound needs of the City as a whole, for the <br />develop...ent by private enterprise as it will enable the City to <br />provide a suitable site, via soil correction for development; thereby <br />encouraging development in the area. <br />3. The tax lnerement financing plan conforms to the general plan for <br />the development of the city as a whole. <br />z <br />4. The tax Increment district to be established is a redevelopment <br />district pursuant to Minnesota Statutes, Section 469.174, Subdivision <br />10 in which the conditions described in Section E of this plan exist. <br />ZZ. Fiscal Disparities Treatment <br />The City will elect the method of tax increment computation pursuant to <br />Minnesota Statutes, Section 4F9.177, Subdivision 3, clause (a), consequently, <br />the district shall be created with the election to spread the fiscal disparities <br />contribution outside the tax increment district. <br />13 <br />