08-11-2003 EDA Packet - Laserfiche WebLink

Home Search

City of Lino Lakes, Minnesota (3) (4) 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 $15,708,887 (the amount in clause b less the amount in clause c) without tax increment assistance. The TIF Plan conforms to the general plan for development or redevelopment of the City as a whole; and The reasons and facts supporting this finding are that the TIF District is properly zoned, and the TIF Plan has been approved by the City Planning Commission and will generally compliment: and serve to implement policies adopted in the City's comprehensive, an. The TIF Plan will afford maximum opportune ons tent with the sound needs of the City as a whole, for the development of the Area by private enterprise. The reasons and facts supporting this finding are thahe development activities are necessary g= 'that development and redelopment by private enterprise can occ pit iin the Project Area. Section K Estimated Public Cost The estimated public costs of the TIP!Distr.!' reimbursement from tax increments of the TIF Dis isted below. Such costs are eligible for Land/building acquisition :� 750,000 Site im rovemects/ re ara r®rt costs 0 P �� P P Public improvements 500,000 Parking Facilities -. ;;- 0 Bondprincipal pay p 1,785,000 ond inter stp ymer is 475,000 Tian principal`'payments 0 pan interest pay rei is 0 1 inistrative expenses 130,000 C ized interest 120,000 Publicimprovements outside district 484,000 Subtotal 4,244,000 Transfers out 0 Total 4,244,000 The Authority reserves the right to administratively adjust the amount of any of the items listed above or to incorporate additional eligible items, so long as the total estimated public cost is not increased. SPRINGSTED Page 6