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• 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 unattractive and costly for business <br /> development. The redevelopment district was established to restore and improve the tax base and <br /> tax generating capacity of the District, increase employment opportunities, realize comprehensive <br /> plan goals, remove blighted soil conditions and revitalise the property. With the use of TIF, <br /> 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. <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 /> 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 value <br /> to the district over the next year of which has not been realized. <br /> • 2 <br />