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 <br />district permitted by the TIF Plan is estimated to be $3,630,224 (see Appendix D and the <br />table below). <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 amarketvalue 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 <br />New Market Value - Estimate <br />Difference <br />Present Value of Tax Increment <br />Difference <br />Value Likely to Occur Without TIF is Less Than: <br />6,384,100 <br />52,397,300 <br />46,013,200 <br />3,630,224 <br />42,382,976 <br />42,382,976 <br />3. Finding that the TIF Plan for the District conforms to the general plan for the development or <br />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 TIF Plan for the District will afford maximum opportunity, consistent with the sound <br />needs of the City as a whole, for the development or redevelopment of Development District No. 5 <br />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, the renovation of substandard properties, increased tax base of the State and add a high <br />quality development to the City. <br />APPENDIX G -2 <br />-48- <br />