12/20/2004 Council Packet - Laserfiche WebLink

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City of Lino Lakes and Lino Lakes Economic Development Authority, Minnesota (3) performed as described above and is shown in Exhibit V. This analysis indicates that the increase in estimated market value of the proposed development (less the indicated subtractions) exceeds the estimated market value of the site absent the establishment of the TIF District and the use of tax increments. 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 and Zoning Board and will generally compliment and serve to implement policies adopted in the City's comprehensive plan. (4) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Project Area by private enterprise. The reasons and facts supporting this finding are that the development activities are necessary so that development and redevelopment by private enterprise can occur within the Project Area. The City elects the method of tax increment computation set forth in Minnesota Statutes, Section 469.177, Subdivision 3(a) (see method (b) in Section P). (5) 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 4,200,000 Site improvements /preparation costs 3,500,000 Installation of public utilities 2,145,000 Streets and sidewalks 2,500,000 Interest reduction payments 0 Bond principal payments 0 Bond interest payments 0 Special assessments 3,178,000 Special assessment interest 2,000,000 Administrative expenses 2,571,000 Capitalized interest 2,500,000 Road improvements outside district 3,856,000 Total 26,450,000 The Authority anticipates using a portion of tax increment to repay the City for special assessments including interest at 7% and for public improvements outside the TIF District but within the project area. 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 7