04-10-2013 Council Agenda - Laserfiche WebLink

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Therefore, the City concludes as follows: a. The City's estimate of the amount by which the market value of the entire District will increase without the use of tax increment financing is $0. b. If the proposed development occurs, the total increase in market value will be $5,945,400 (see Appendix D and the chart below) c. The present value of tax increments from the District for the maximum duration of the district permitted by the TIF Plan is estimated to be $1,136,931 (see Appendix D and the chart below). d. Even if some development other than the proposed development were to occur, the Council finds that no alternative would occur that would produce a market value increase greater than $4,808,469 (the amount in clause b less the amount in clause c) without tax increment assistance. But -For Analysis Current Market Value 804,600 New Market Value - Estimate 6,750,000 Difference 5,945,400 Present Value of Tax Increment 1,136,931 Difference 4,808,469 Value Likely to Occur Without TIF is Less 4,808,469 Than: 3. Finding that the TIF Plan for the District conforms 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 TIF Plan for the District will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of Development District No. 5 by private enterprise. The protect 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. Through the implementation of the TIF Plan, the City will increase the availability of safe and decent life -cycle housing in the City. APPENDIX G -4