07-09-2003 Council Agenda - Laserfiche WebLink

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TIF District Overview over $4,000,000. Due to historical market values and condition of the site layout and buildings, the City believes that the increase in value of the site, even with slight inflation, will not be more than $1,000,000.. A comparative analysis of estimated market values both with and without establishment of the District and the use of tax increments has been performed as described above. If all development which is proposed to be assisted with tax increment were to occur in the District, the total increase in market value would be up to $8,190,000. The present value of tax increments from the District is estimated to be $930,700. It is the Council's finding that no development with a market value of greater than $7,259,300 would occur without tax increment assistance in this district within 15 years. This finding is based upon evidence from general past experience with the high cost of renovation and site improvements in the general area of the District. (See Cashflow in Appendix D of the TIF Plan.) 3. Finding that the Tax Increment Financing Plan for Tax Increment Financing District No. 2 -2 confonns to the general plan for the development or redevelopment of the municipality as a whole. The Planning Commission reviewed the TIF Plan and found that the TIF Plan conforms to the general development plan of the City. 4. Finding that the Tax Increment Financing Plan for Tax Increment Financing District No. 2 -2 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of Municipal Development District No. 1 by private enterprise. The project to be assisted by the District will result in increased employment in the City and the State of Minnesota, the renovation of substandard properties, increased tax base of the State and add a high quality development to the City. Page 4 EHLERS