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3.5 million in excess tax increment since its development in 1989. These funds are eligible to <br /> (see attachment B) be reinvested into development and redevelopment in Mounds View. <br /> b. SYSCO Minnesota: A district was established in February 22, 1988 (modified <br /> March 27, 1989) to enable the attraction of a corporate headquarters facility. Due to an unusual <br /> terrain or soil deficiencies requiring substantial filling, grading or other physical preparation, the <br /> district was established to assist in the new construction of a miscellaneous industrial <br /> development. Difficult soil condition made the property un r ive and_costly for business <br /> development. The redevelopment district was established to restore and improve the tax base <br /> and tax generating capacity of the District, increase employment opportunities, realize <br /> comprehensive plan goals, remove blighted soil conditions and revitalize the property. With the <br /> use of TIF, Mounds View attracted one of the largest food service companies. <br /> It is estimated that the increase in the market value of the property as a result of the <br /> SYSCO development amounts to over $6,185,980. The corporate headquarters facility added <br /> over 450 new jobs to the region. Now SYSCO will be expanding over 100,000 sq. ft. This is <br /> expected to generate a significant amount of new and added quality jobs for Mounds View. In <br /> addition the district has generated over $100,000 in excess tax increment since 1991 (attachment <br /> C). <br /> c. Highway 10 - Silver Lake Point Apartments. Limited redevelopment has <br /> occurred in the Highway 10 District due to the difficulty attracting appropriate uses for the <br /> shallow lots sandwiched between a high speed commute highway and dense residential <br /> development. Recently, in 1994, the City facilitated the attraction of a much needed Senior <br /> Housing complex called Silver Lake Pointe Apartments with the use of tax increment financing. <br /> The apartment building is an 83 unit senior housing facility with over 80% of the units for low to <br /> moderate income seniors. This project was constructed by a non-profit group which would not <br /> have happened unless TIF was provided. Non TIF assisted development of town homes, single <br /> family homes and expanding retail business has also occurred in the Highway 10 redevelopment <br /> 2 <br />