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TANGIBLE BENEFITS TO THE COMMUNITY <br />• Unique opportunity for a development that is partly inside and partly <br />outside a TIF district. <br />• A minimum of $60 million in commercial /residential tax base on the tax <br />rolls from new construction outside the TIF District. <br />• Up to $137 million in economic development that increases the tax <br />base upon completion of the TIF District in 16 years. <br />• Development that provides the improvements needed for the YMCA. <br />• Source of revenue to improve Lake Drive and 35W interchange. <br />• $2.2 million sale of city owned land that will be now be generating tax <br />base. <br />• Community green to provide a place for civic /community functions. <br />INTANGIBLE BENEFITS TO THE COMMUNITY <br />• Gathering Place that creates a sense of community identity and pride. <br />• Presents a new and positive image of Lino Lakes at the major gateway <br />to the city. <br />• Accomplishes a major objective of the Comprehensive Plan and the <br />City Council. <br />• Improves connections to the regional park trail system. <br />• PUBLIC ASSISTANCE: $5.55 Million <br />• $3.1 million to assist with land write down and site preparation. <br />• $2.4 million for public improvements to Lake Drive. <br />SOURCES OF PUBLIC ASSISTANCE <br />• $4,985,999 TIF <br />• $450,000 Met Council grant that has been awarded (Potential <br />additional grant could offset other sources) <br />• <br />• $116,000 other sources <br />DEVELOPER COSTS AFTER ASSISTANCE <br />• $2.2 million purchase of city owned land <br />• $3 million towards purchase of sandblasting site <br />• $5.4 million assessments for public improvements <br />• $3.6 million soft costs and site prep <br />SUMMARY <br />Staff has worked with the developer for the past 1% years to develop a project <br />that best meets the goals for the downtown development. The project redevelops <br />• the sandblasting site and establishes a gateway to the city. The city is paid <br />market value for its land and maximizes its value. Rental, senior and affordable <br />housing is developed on a site that has more strict design standards than the <br />rest of the city. The project provides a source of revenue to improve Lake Drive <br />