09-28-1995 - Laserfiche WebLink

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III. BENEFITS OF INVESTING IN REDEVELOPMENT111 The opportunity to utilize Tax Increment Financing for development and redevelopment has been a huge success in Mounds View. As provide by the following facts: • There were only 3 employers with over 50 employees until 1988, when most of the districts were created. Currently, in 1995, there are over 15 employers with over 50 employees. • The total number of employees has increased from 1,365 in 1993, to 1,524 in 1995, in the Mounds View Business Park (an increase of almost 12%). • There still is over 6 acres left to development in the business park which would generate new tax dollars and create additional jobs. • The City's second largest employer (300) would have left in 1994 "but for" the use of TIF assistance to expand their current location. Employment is expected to double in 5 years and additional land was purchased for a future expansion of the company. Results have shown, such as the development of the Mounds View Business Park, attracting new businesses in the community creates jobs through out the area's economy. A • properly thought out development project will draw people and generate income for the entire community. The economic spillover from one business flows to other businesses and the surrounding communities. The employment multipliers for a given industry are the number of jobs created in either a county, region, or state both directly or indirectly in order for an industry to deliver $1 million of output. The employment multipliers are estimates of the total direct and indirect jobs that occur in a geographic area for 100 jobs in a specific area. A job multiplier includes the jobs created both directly and indirectly to the households, including the jobs created by the primary industry and from the secondary demand created by consumers spending. 3 0