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City of Lino Lakes and Lino Lakes Economic Development Authority <br />b. If the proposed development to be assisted with tax increment occurs in the District, <br />the total increase in market value would be approximately $35,960,717, including the value <br />of the building (See Exhibit I1). <br />C. The present value of tax increments from the District for the maximum duration of <br />the district permitted by the TIF Plan is estimated to be $2,692,001 (See Exhibit V). <br />d. Even if some development other than the proposed development were to occur, the <br />Council finds that no alternative would occur that would produce a market value increase <br />greater than $33,268,716 (the amount in clause b less the amount in clause c) without tax <br />increment assistance. <br />(3) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the <br />City as a whole, for development of the Project Area by private enterprise. <br />Factual basis: The proposed development is the construction of a new large warehousing and <br />distribution facility in the Project Area that is expected to retain existing jobs as well as create new <br />jobs in the City, plus create new tax base for the City and the State. The development meets the <br />City's economic development goals in terms of tax base expansion, job retention, and wage <br />levels. <br />(4) The TIF Plan conforms to general plans for development of the City as a whole. <br />Factual basis: The City Council has determined that the development proposed in the TIF Plan <br />conforms to the City comprehensive plan. <br />(5) The City is electing the method of tax increment computation set forth in Minnesota <br />Statutes, Section 469.177, Subdivision 3(b) (see Section P). <br />Section K Estimated Public Costs <br />The estimated public costs of the TIF District are listed below. Such costs are eligible for reimbursement <br />from tax increments of the TIF District. <br />Estimated Public Costs <br />Estimated Amount <br />Land/Building acquisition <br />$0 <br />Site Improvements/Preparation costs <br />$2,672,614 <br />Utilities <br />$0 <br />Other public improvements <br />$600,000 <br />Construction of affordable housing <br />$0 <br />Administrative expenses <br />$172,240 <br />Total Estimated Public Costs <br />$3,444,854 <br />Interest expenses <br />$0 <br />Total Costs <br />$3,444,854 <br />The City reserves the right to administratively adjust the amount of any of the items listed above or to <br />incorporate additional eligible items, so long as the total estimated public costs ($3,444,854) do not <br />increase. The City also reserves the right DrOt <br />identified costs with any other legally <br />Baker Tilly Municipal Advisors, LLC Page 6 <br />