Laserfiche WebLink
achieved at Viking Drive by eliminating the connection to Rice Street and tying into Minnesota Street. <br />The City reasonably determines that no other redevelopment of similar scope is anticipated on this site <br />without substantially similar assistance being 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 $46,013,200 <br />(see Appendix D and the table below) <br />c. The present value of tax increments from the District for the maximum duration of the district <br />permitted by the TIP Plan is estimated to be $3,630,224 (see Appendix D and the table <br />below). <br />d. Even ifsonie 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 />$43,382,976 (the amount in clause b less the amount in clause c) without tax increment <br />assistance. <br />But -For Analysis <br />Current Market Value 6,384,100 <br />New Market Value - Estimate 52,397,300 <br />Difference 46,013,200 <br />Present Value of Tax Increment 3,630,224 <br />Difference 42,382,976 <br />Value Likely to Occur Without Till is Less Than: 42,382,976 <br />(AS MODIFIED , 2011) <br />' Therefore, the City concludes as follows: <br />a. The City's estimate of the amount by which the market valve of the entire District will <br />increase without the use of tax increment financing is 80. <br />b. If the proposed development occurs, the total increase in market value will be <br />846,239,200 (see Appendix 1) and the table below) <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 $3,651,502 (sec Appendix 1) and the <br />table below). <br />d. Even if some development other than the proposed development were to occur, the <br />Council finds that no alternative would occur that would produce a market value <br />APPENDIX 0 -2 <br />33 <br />