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Appendix F-2 <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 market value estimated to result from the <br />proposed development after subtracting the present value of the projected tax increments for the <br />maximum duration of the TIF District permitted by the TIF Plan: The City supported this finding on <br />the grounds that the repurposing such a large building adds to the total development cost. The listed <br />number of companies that could use such a large building in this area have made development <br />infeasible without tax increment assistance. The City reasonably determines that no other <br />development of similar scope is anticipated on this site without substantially similar assistance being <br />provided to the development. <br />Therefore, the City concludes as follows: <br />a. The City's estimate of the amount by which the market value of the entire District will <br />increase without the use of tax increment financing is $0. <br />b. If the proposed development occurs, the total increase in market value will be $11,426,500 <br />(see Appendix D and F of the TIF Plan) <br />c. The present value of tax increments from the District for the maximum duration of the <br />district permitted by the TIF Plan is estimated to be $216,829 (see Appendix D and F of the <br />TIF Plan). <br />d. Even if some development other than the proposed development were to occur, the Council <br />finds that no alternative would occur that would produce a market value increase greater than <br />$1,783,171 (the amount in clause b less the amount in clause c) without tax increment <br />assistance. <br />3. Finding that the TIF Plan for Tax Increment Financing District No. 7-2 conforms to the general plan <br />for the development or redevelopment of the municipality as a whole. <br />The Planning Commission reviewed the TIF Plan and found that the TIF Plan conforms to the <br />general development plan of the City. <br />4. Finding that the Tax Increment Financing Plan for Tax Increment Financing District No. 7-2 will <br />afford maximum opportunity, consistent with the sound needs of the City as a whole, for the <br />development of Development District No. 7 by private enterprise. <br />The project to be assisted by the District will result in increased employment in the City and the State <br />of Minnesota, increased tax base of the State, and add a high-quality development to the City.