07/09/2003 P&Z Packet - Laserfiche WebLink

Home Search

• • City of Lino Lakes, Minnesota The Authority may acquire and sell any or all of the property located within the TIF District; however, the Authority does not anticipate acquiring any such property at this time. Section I Specific Development Expected to Occur Within the TIF District The project will consist of the construction of four industrial buildings to be used for manufacturing. The first building to be constructed is expected to be 265,000 square feet and completed by 2004. Outlots A, B and C are expected to be 40,000 square feet completed in 2005, 60,000 square feet completed in 2006 and 60,000 square feet completed in 2007, respectively. In addition, a portion of the increment will be used for Drive improvements. The four facilities are expected to be fully constructed in 200 the tax rolls as of January 2, 2008 for taxes payable in 200 At the time this document was prepared there wer, regards to the above described development. be 100% assessed and on signed corgi ction contracts with Section J Findings and Need for Tax Increr1 t Finanp In establishing the TIF District, the City makes the fo i (1) The TIF District qualifies; �.o r'i'dings: economic d a aza•ment district; ens and facts supporting this See Section E of th findin (2) The prop expec fore reason: than th ment, i lely thrd d the ind to occur opinion of~the City, would not reasonably be h private investment within the reasonably used market value of the site that could out the use of tax increment would be less OW estimated to result from the proposed subtracting fl present value of the projected tax increments uration of the TIF District permitted by the TIF Plan; aso d facts supporting this finding are that the developer has nted the Authority that it would not undertake the proposed ent without the assistance of tax increment financing. Private t will not finance these development activities because of e costs. It is necessary to finance these development activities the use of tax increment financing so that other development by enterprise will occur within the Project Area. (3) A comparative analysis of estimated market values both with and without establishment of the TIF District and the use of tax increments has been 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 SPRINGSTED Page 4