Laserfiche WebLink
APPENDIX G <br />BUT/FOR QUALIFICATIONS <br />Additional information and a But -For Analysis will be completed prior to completion of the Development <br />Agreement and will be included in the Development Agreement for each project within the TIF District. <br />But -For Analysis <br />Current Market Value $28,223,500 <br />New Market Value - Estimate $154,5502000 <br />Difference $1261326,500 <br />Present Value of Tax Increment $18,971,728 <br />Difference $107,354,772 <br />Value Likely to Occur Without TIF is Less Than: <br />$107,3549772 <br />Currently the Northwest Quadrant Project Area is underutilized, with obsolete structures and physical <br />arrangements, substantial vacant areas and high building vacancies, inconsistent legal restrictions on <br />redevelopment and outdated and inadequate public infrastructure and circulation. Redevelopment has been <br />impeded by fragmentation of ownership, high cost of acquisition for vacant and marginalized properties and <br />the difficulty of redevelopment without a consistent overall plan ensuring compatible adjacent uses. <br />To add to the inability to redevelop the site without a comprehensive plan is that the existing Apache Plaza <br />Shopping Center, which is located within the Northwest Quadrant Project Area, is the second largest <br />contributor of pollutants to Silver Lake according to the Ramsey County & Rice Creek Watershed District <br />Diagnostic Feasibility Study for Silver Lake. The Apache Plaza Site requires extensive storm water treatment <br />as part of any redevelopment to address the poor water quality issues in Silver Lake and past efforts to <br />redevelop the site have not succeeded since they did not and could not address these issues. Storm water <br />treatment requirements have been a hindrance to redevelopment of this site in the past because of the large <br />land commitment necessary to meet today's storm water treatment standards and the fiscal implications <br />thereof. To date, there has been no funding available to retroactively address the water quality issues <br />generated from the Apache Plaza site. The only opportunity to address these issues financially is through this <br />comprehensive redevelopment opportunity and the establishment of a Redevelopment TIF District. <br />APPENDIX <br />53 <br />G-1 <br />