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FINDINGS OF FACT The Planning Commission recommends approval of the Modification to Redevelopment Project No. 3 and TIF District No. 3 (Cub Foods) based on the following Findings of Fact: Findings of Fact 1. In 2005, the State legislature changed Tax Increment Financing laws that require municipalities to spend or return any excess increment within nine (9) months after the end of the year (September 1 of the following year). 2. TIF District No. 3 (Cub Foods) was created in 1993 and it is determined not to be atypical that districts created over 10 years ago that assumptions made then can change significantly over time. 3. After completing the TIF reporting for the City in response to the legislation passed in 2005 and due by September 1, 2006, it was noted that the budget for the above-referenced district was not in compliance and was therefore producing"excess increment". 4. In February, the Planning Commission reviewed the Modifications to Redevelopment Project Area No. 3, the Chandler Place Tax Increment Financing District and Tax Increment Financing District No. 3-5 Overview and recommended that the City Council adopt the modifications as presented. 5. At the August 15, 2006, the Planning Commission continued the process for adopting the modifications to Redevelopment Project No. 3 and TIF District No. 3 (Cub Foods) by reviewing the modifications to determine that they conform to the general plans for the development and redevelopment of the City as described in the Comprehensive Plan for the City. 6. The Planning Commission does find that the Modifications conform to the general plans for the development and redevelopment of the City as described in the current City Comprehensive Plan. Dated: August 15, 2006 Chair ATTEST: City Clerk FAPlanning\Findings of Fact\Findings of Fact081506 Mod of redevel prj 3 and TIF 3.doc