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. . developed would be of similar square footage. Fourth the site could be developed for housing or mixed use, but the site would need to be built at nearly 100 percent high density in order to create the same value, which is unlikely from a City policy perspective. An analysis of the development proforma based upon this information and research and the proposed development costs provided by the developer has been completcd. It \vas detennined that a gap existed to make the project financially not feasible for the developer. Even if the devcloper received the land for free, there would still be a gap in the traditional sense. Given that the City had an appraisal completed that showed a value of nearly S 1 0 million for the land. it is unlikely that the land cost will be lowered in the near future for this proposed development or another type of development. Thcrefore, the City concludes as follows: a. The City's estimate of the amount by which the market value of the entire District will increase without the use of tax increment financing is SO. b. If the proposed development occurs, the total increase in market value will be $65,600,000 (See Appendix r ofTlF Plan). c. The present value of tax increments from the District for the maximum duration of the district permitted by the TIP Plan is estimated to be S15,708,780 (See Appendix F ofTIF Plan). 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 $49,891,220 (the amount in clause b less the amount in clause c) without tax increment assistance. 3. Finding that the TIF Plan for the District cOi!lorll/s to the general plan for the del'eloplI/ent or redeveloplI/ent a/the Inunicipali(v as a lvllOle. The Council finds that thc TIF Plan conforms to the general development plan of the City as a whole based upon the following: The conclusion and recommendation of City staff is that the TIP Plan is consistent with the City's comprehensive plan based upon the following information and City actions. The development contemplated for the District consists of an approximately 820,000 square foot office campus for Medtronic. On January 10, 2005, both the City and EDA authorized work associated with the preparation of a comprehensive plan amendment for the development site in the District. On February 2, 2005, the Planning Commission for the City approved a recommendation to the City Council as to the approval of a comprehensive plan amendment revising the land use designation for the development site in the District from Outdoor Sport Recreation (SRO) and Passive Open Space (OSP) to Office (OFC). On May 9, 2005, the City Council established the date of May 23, 2005 for a public hearing to consider approval of the comprehensive land use amendment for the development site in the District (the public hearing was held on May 23, 2005, but adoption of the amendment was deferred to a latcr datc). On July 11, 2005, the City Council approved the amendment to the City's comprehensive plan amending the designated land use for the development site in the District from SRO and OSP to OFC. In conjunction with the comprehensive plan amendment referenced herein, the City also worked on and approved the final draft of the Bridges Office Development Alternative Urban Areawide Review (AUAR) document on July 11. 2005, of which the comprehensive plan amendment discussed herein Vias a required component. On July 20, 2005, the Planning Commission confirmed that the proposed sale of the development site in the District to Medtronic was consistent with the City's comprehensive plan. On August 3, 2005, the Planning Commission did not approve a resolution finding that the TIF Plan for the District conformed to the general plan for the