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City of Little Canada, Minnesota <br />Baker Tilly Municipal Advisors, LLC Page 5 <br /> <br /> <br /> (3) The TIF Plan conforms to the general plan for development or redevelopment of <br />the City as a whole. <br /> <br />The reasons and facts supporting this finding are that the City has found <br />this TIF Plan consistent with the general plan for development of the City <br />as a whole and will generally complement and serve to implement <br />policies adopted in the City’s comprehensive plan. <br /> <br /> (4) The TIF Plan will afford maximum opportunity, consistent with the sound needs <br />of the City as a whole, for the development or redevelopment of the Project Area <br />by private enterprise. <br /> <br /> Through the implementation of this TIF Plan, the City will provide an <br />impetus for the construction of an apartment project, of which at least <br />40% of the units will be affordable for occupants at or less than 60% area <br />median income (AMI). 100% of the units will be affordable to at least the <br />60% AMI level. The project will complement the overall housing needs of <br />the City and is anticipated it would support other private types of <br />development by providing a range of housing opportunities for residents <br />within the City. <br /> <br /> (5) The City elects the method of tax increment computation set forth in Minnesota <br />Statutes, section 469.177, Subdivision 3(b). <br /> <br /> <br />Section K Estimated Public Costs <br /> <br />The estimated public costs of the TIF District are listed below. Such costs are eligible for <br />reimbursement from tax increments of the TIF District. <br /> <br />Estimated Public Costs Estimated Amount <br />Land/Building acquisition $0 <br />Site Improvements/Preparation costs $0 <br />Utilities $0 <br />Other public improvements $500,000 <br />Construction of affordable housing $1,000,000 <br />Administrative expenses $294,321 <br />Total Estimated Public Costs $1,794,321 <br /> <br />Interest expenses $1,148,890 <br /> <br />Total Costs $2,943,211 <br /> <br /> <br />The City anticipates using tax increment revenues to finance eligible costs associated with <br />development of the housing project site including primarily site development and other <br />extraordinary affordable housing costs, as well as related administrative expenses. <br /> <br />The City reserves the right to administratively adjust the amount of any of the items listed above <br />or to incorporate additional eligible items, so long as the total estimated public cost ($2,943,211) <br />is not increased. The City also reserves the right to fund any of the identified costs with any