Laserfiche WebLink
APPENDIX F-3 <br />But-For Analysis <br />Current Market Value 9,138,400 <br />New Market Value 96,000,000 <br />Difference 86,861,600 <br />Present Value of Tax Increment 24,237,238 <br />Difference 62,624,362 <br />Value Likely to Occur Without TIF is Less Than: 62,624,362 <br />the City also worked on and approved the final draft of the Bridges Office Development Alternative <br />Urban Areawide Review (AUAR) document on July 11, 2005, of which the comprehensive plan <br />amendment discussed herein was a required component. On July 20, 2005, the Planning Commission <br />confirmed that the proposed sale of the development site in the District to Medtronic was consistent <br />with the City’s comprehensive plan. On August 3, 2005, the Planning Commission did not approve <br />a resolution finding that the TIF Plan for the District conformed to the general plan for the <br />development and redevelopment of the City as a whole. However, consistent with the previous <br />actions of both the Planning Commission and City Council as to the comprehensive plan amendment <br />referenced herein, the adoption of the AUAR referenced herein, and the conclusions and <br />recommendations of City staff, the Council finds that the TIF Plan and the office development <br />contemplated therein conforms to the general development plan for the City as a whole as the <br />designated land use for the development site within the District is now properly that of Office (OFC), <br />which is consistent with the office complex development proposed to be constructed by Medtronic <br />at the development site within the District. <br />Finding that the TIF Plan for the District will afford maximum opportunity, consistent with the sound needs <br />of the City as a whole, for the development of the Mounds View Economic Development Project by private <br />enterprise. <br />The project to be assisted by the District will result in increased employment in the City and the State of <br />Minnesota, increased tax base of the State, and add a high quality development to the City. <br />(As Modified February 13, 2006) <br />Modified to include Phases I and II. <br />Therefore, the City concludes as follows: <br />a. The City's estimate of the amount by which the market value of the entire District will increase <br />without the use of tax increment financing is $0. <br />b. If the proposed development occurs, the total increase in market value will be $96,000,000 (see <br />table on previous page).