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CRITERIA THREE <br /> The estimated cost of physical preparation when added <br /> to the fair, market value of the land upon inclusion in <br /> the district exceeds the anticipated fair- market value <br /> of the land upon completion of the preparation. <br /> The redeveloper has agreed to purchase part of the <br /> property for $15C), This part. of the property <br /> r•equ i res soil cor•rec t i on and is identified as Phase I . <br /> This acquisition value is $. 68 pet, sq. ft. The <br /> estimated soil correction cost is $ 250,000. <br /> In summary: <br /> Estimated cost of physical preparation $ 250,000 <br /> plus the estimated value of the land equals <br /> $400,000. Typical land value for• townhouse <br /> development ranges from $12,000 to pet, <br /> acre. <br /> 'The redeveloper has agreed to en ter, into a <br /> redevelopment agreement for- development of over 51)% of <br /> the land having unusual soil deficiencies. <br /> CONCLUSION: The proposed development will have 37 <br /> townhouses in it. The total acreage of Phase One is <br /> 5. 05 acres. When applied to Phase One ($20,000 x 5. 05 <br /> acres) , the anticipated fair- market value upon <br /> completion would be $lol ,Cir:ri). <br /> Pursuant to Minnesota Statutes, the TIF District <br /> qualifies as a Soils Condition Ta:. Increment Financing <br /> District. <br /> 8 <br />