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11-08-2018 Planning Commission Packet
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11-08-2018 Planning Commission Packet
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Appendix F-1 <br />Appendix F <br />Findings Including But/For Qualifications <br />But-For Analysis <br />Current Market Value $9,426,500 <br />New Market Value - Estimate $11,426,500 <br />Difference $2,000,000 <br />Present Value of Tax Increment $216,829 <br />Difference $1,783,171 <br />Value Likely to Occur Without TIF is Less Than: $1,783,171 <br />The reasons and facts supporting the findings for the adoption of the Tax Increment Financing Plan for <br />Tax Increment Financing District No. 7-2 as required pursuant to M.S., Section 469.175, Subd. 3 are as <br />follows: <br />1. Finding that the Tax Increment Financing District No. 7-2 is an economic development district as <br />defined in M.S., Section 469.174, Subd. 12. <br />Tax Increment Financing District No. 7-2 is a contiguous geographic area within the City's <br />Development District No. 7, delineated in the TIF Plan, for the purpose of financing economic <br />development in the City through the use of tax increment. The District is in the public interest <br />because it will facilitate the repurposing of an existing building for the expansion of a company’s <br />food processing and distribution business which will increase employment in the State and preserve <br />and enhance the tax base of the state. <br />2. Finding that the proposed development, in the opinion of the City Council, would not reasonably be <br />expected to occur solely through private investment within the reasonably foreseeable future and that <br />the increased market value of the site that could reasonably be expected to occur without the use of <br />tax increment financing would be less than the increase in the market value estimated to result from <br />the proposed development after subtracting the present value of the projected tax increments for the <br />maximum duration of Tax Increment Financing District No. 7-2 permitted by the TIF Plan. <br />The proposed development, in the opinion of the City, would not reasonably be expected to occur <br />solely through private investment within the reasonably foreseeable future: This finding is supported <br />by the fact that the development proposed in this plan is a food processing and distribution facility <br />that meets the City's objectives for economic development. The cost of acquiring the existing <br />facility; upgrading the building to food-grade standards and finishes, fixtures, and equipment; and <br />IT installing makes development of the building infeasible without City assistance. The developer <br />was asked for and provided a letter as justification that the developer would not have gone forward <br />without tax increment assistance (see attachment in Appendix F).
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