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City of Mounds View TIF District No. 2 Modification 21 | P a g e APPENDIX B DISTRICT STATUS The "Highway 10 Corridor" Municipal Development District was conceived in 1985 on the basis of the physical and economic relationships to the various projects and land uses both proposed and existing. Also, by upgrading the corridor, a new image will evolve that will complement the short and long range goals of the City's various plans. The visual impact in itself will be a benefit to the citizens of Mounds View as well as other passing through the community via Highway 10. The case is made for this concept via the co-dependence of the various land uses within and without all three districts. The flow of jobs to the industrial park form the residential, the commercial to support the residential and industrial while providing improved recreational facilities to compliment all three land uses. Creating several tax increment districts assures the long term financing of the upgrading of the corridor. By providing nucleus of development within the districts, unassisted private development will be more likely to develop alongside of the districts. The initial investment of tax increments into these areas will be crucial to the success of this undertaking. Current Projects This plan proposes to assist 100,000 square feet of commercial space. The type of assistance will be the traditional use of tax increments that includes public improvements as well as land assembly. While creating new construction, a considerable amount of blight can be eliminated both economically and visually. Without the assistance, the development could not afford the cost of assembly with or without buildings. Current Contracts There are no contracts that the City has entered into at this time with any developers within the tax increment district. However, the City is currently negotiating with a developer for a proposed 100,000 square foot commercial center.