07-25-2016 EDA Packet - Laserfiche WebLink

Home Search

Lino Lakes Economic Development Authority, Minnesota b. If the proposed development to be assisted with tax increment occurs in the District, the total increase in market value would be approximately $20,782,140 including the value of the building (See Exhibit V). 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 $2,025,557 (See Exhibit V). d. Even if some development other than the proposed development were to occur, the City finds that no alternative would occur that would produce a market value increase greater than $18,756,583 (the amount in clause b less the amount in clause c) without tax increment assistance. (3) The TIF Plan would afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the Project Area by private enterprise. Factual basis: The proposed development is the construction of a new large warehousing and distribution facility in the Project Area that is expected to retain existing jobs as well as create new jobs in the City, plus create new tax base for the City and the State. The development meets the City's economic development goals in terms of tax base expansion, job retention, and wage levels. (4) The TIF Plan conforms to general plans for development of the City as a whole. Factual basis: The City has determined that the development proposed in the TIF Plan conforms to the City comprehensive plan. Section K Estimated Public Costs The estimated public costs of the TIF District are listed below. Such costs are eligible for reimbursement from tax increments of the TIF District. Land/Building Acquisition Site Improvements/Preparation Costs Installation of Public Infrastructure Improvements Other Qualifying Improvements Administrative Costs Loan Interest Costs Total $0 $1,105,529 $977,373 $390,544 $130,181 $0 $2,603,627 The City anticipates using tax increment to the extent available to assist with financing a portion of the site improvements and infrastructure costs, related administrative expenses, and other TIF-eligible expenditures as necessary and related to development of the project. The City 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