Resolution 6745 - Laserfiche WebLink

Home Browse Search

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 $24,237,238. (see table on previous page) 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 $62,624,362 (the amount in clause b less the amount in clause c) without tax increment assistance. Finding that the TIF Plan 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 1,200,000 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 later date). 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 Alterriative Urban Areawide Review (AUAR) document on July I1, 2005, of which the comprehensive plan amendment discussed herein was 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 development and redevelopment of the City as a whole. However, consistent with the previous actions of both the Planning Commission and City Council as to the comprehensive plan amendment referenced herein, the adoption ofthe AUAR referenced herein, and the conclusions and recommendations of City staff, the Council finds that the TIF Plan and the office development contemplated therein conforms to the general development plan for the City as a whole as the designated land use for the development site within the District is now properly that of Office (OFC), which is consistent with the office complex development proposed to be constructed by Medtronic at the development site within the District. • APPENDIX F-4