08/11/2003 Council Packet - Laserfiche WebLink

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• • City of Lino Lakes, Minnesota (3) d. Even if some development other than the proposed development were to occur, the Council finds that no alternative would occur that would produce a market value increase greater than $15,708,887 (the amount in clause b Tess the amount in clause c) without tax increment assistance. 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 Commission 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 Site improvements /preparation costs Public improvements Parking Facilities Bond principal payments Bond" interest payments Loan principal payments Loan interest payments Administrative expenses Capitalized interest Public improvements outside district Subtotal 750,000 0 500,000 0 1,785,000 475,000 0 0 130,000 120,000 484,000 4,244,000 Transfers out 0 Total 4,244,000 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 6