11/12/2003 P&Z Packet - Laserfiche WebLink

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City of Lino Lakes and Lino Lakes Economic Development Authority, Minnesota (3) 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 $14,092,793. (See Exhibit V) d. Even if some development other than the proposed development were to occur, the Authority finds that no alternative would occur that would produce a market value increase greater than $58,129,532 (the amount in clause b less the amount in clause c) without tax increment assistance. The reasons and facts supporting this finding are that the developer has represented to the Authority that it would not undertake the proposed development without the assistance of tax increment financing. Private investment will not finance these. - .development activities because of prohibitive costs. It is necessary to finance these development activities through the use of tax increment financing so that other development by private enterprise will occur within the Project Area. 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 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. 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 4,700,000 Site improvements /preparation costs 4,500,000 Installation of public utilities 2,145,000 Streets and sidewalks 3,000,000 Interest reduction payments 0 SPRINGSTED Page 6