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district. It is estimated that increased market value generated from the Highway 10 district <br /> amounts to over $2,322,018. Silver Lake Point Apartments will add a significant amount of <br /> value to the district over the next year of which has not been realized. In addition, the district has <br /> generated over $90,000 of excess increment since 1991 (attachment D). <br /> III. BENEFITS OF INVESTING IN REDEVELOPMENT <br /> The opportunity to utilize Tax Increment Financing for development and redevelopment <br /> has been a hu.e success in Mounds View. As .rovide b the followin• facts: <br /> • There were only 3 employers with over 50 employees until 1988, when most of <br /> the districts were created. Currently, in 1995, there are over 15 employers with <br /> over 50 employees. <br /> • The total number of employees has increased from 1,365 in 1993, to 1,524 in <br /> 1995, in the Mounds View Business Park(an increase of almost 12%). <br /> • There still is over 6 acres left to development in the business park which would generate <br /> new tax dollars and create additional jobs. <br /> • The City's second largest employer (300) would have left in 1994 "but for" the <br /> use of TIF assistance to expand their current location. Employment is expected to <br /> double in 5 years and additional land was purchased for a future expansion of the <br /> company. <br /> Results have shown, such as the development of the Mounds View Business Park, <br /> attracting new businesses in the community creates jobs through out the area's economy. A <br /> properly thought out development project will draw people and generate income for the entire <br /> community. The economic spillover from one business flows to other businesses and the <br /> surrounding communities. The employment multipliers for a given industry are the number of <br /> jobs created in either a county, region, or state both directly or indirectly in order for an industry <br /> to deliver $1 million of output. The employment multipliers are estimates of the total direct and <br /> indirect jobs that occur in a geographic area for 100 jobs in a specific area. A job multiplier <br /> includes the jobs created both directly and indirectly to the households, including the jobs created <br /> by the primary industry and from the secondary demand created by consumers spending. <br /> 3 <br />