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City of Little Canada, MN Management Review & Analysis – Tax Increment Financing Districts 4 TIF as a Development Tool Continuous redevelopment and investment is vital to maintaining the City’s long-term economic health and vitality. Little Canada has utilized TIF for key redevelopment and housing projects. Utilizing TIF to accomplish the City’s development goals has strengthened the overall diversity of housing options, land uses and tax base, while increasing employment opportunities. One immediate benchmark of the benefit in utilizing TIF is whether is spurs growth in the tax base within the district. As illustrated in the following table, the City’s overall market value has increased within its TIF districts by nearly 220%. Growth in Market Value of Properties within Existing and Recently Decertified TIF Districts Existing DistrictsBase YearOriginal Market ValueInflated Original Market ValuePayable 2021 Market ValuePercent Increase in ValueTIF 3‐3 Lodge/Garden Terrace 2003 2,224,000 3,315,573 25,541,800 670.36%TIF 5‐1 St. Jude Medical 2008 4,383,300 5,584,609 22,236,800 298.18%TIF 6‐1 Masterpiece Homes 2010 758,900 954,681 8,871,500 829.26%TIF 7‐1 Suite Living 2018 4,672,100 5,103,815 10,935,900 114.27%TIF 7‐1 Suite Living 2019 9,426,500 10,114,267 13,432,800 32.81%TIF 7‐3 Owasso Warehouse 2023 469,200 469,200 469,200 0.00%TOTAL 21,934,000 25,542,145 81,488,000 219.03%Recently Decertified DistrictsBase YearOriginal Market ValueInflated Original Market ValuePayable 2021 Market ValuePercent Increase in ValueTIF 2‐1 Kandace Heights 1990 791,900 1,689,237 8,064,000 377.38%TIF 3‐2 Rice Street Redevelopment 1996 6,060,800 12,928,563 49,919,100 286.12%TOTAL 6,852,700 14,617,800 57,983,100 296.66%Inflation calculator used: http://www.usinflationcalculator.com/
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