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• in order to create the same value, which is unlikely from a City policy perspective. Ehlers & Associates completed an analysis of the development proforma based upon this information and research and the proposed development costs provided by the developer. It was determined that a gap existed to make the project fmancially not feasible for the developer. Even if the developer 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 neazly $10 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. It should be noted that any alternative redevelopment scenario faces the same high land, utility and roadway infrastructure costs faced by the proposed developer, and in the City's experience such properties have not been redeveloped in Mounds View without significant public assistance. Therefore, 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 fmancing is $0. b. If the proposed development occurs, the total increase in mazket value will be $65,600,000 (see table on previous page). 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 $15,708,780. (see table on previous Pie) • d. Even if some development other than the proposed development were to occur, the Council fmds 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. Finding that the TIFPlan for the District conforms to the general plan for the development or redevelopment of the municipality as a whole. The Council finds that the 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 TIF 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 ofMay 23, 2005 for a public hearing to consider approval ofthe 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 later date). On July i 1, 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, • APPENDIX F-2