2007.04.16 RESO 2007-0017 - Laserfiche WebLink

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(ii) A comparative analysis of estimated market values both with and without establishment of TIF District No. 1-2 and the use of tax increments has been performed as described above. Such analysis is found in Exhibit VI of the TIF Plan, and indicates that the increase in estimated market value of the proposed development (less the indicated subtractions) exceeds the estimated market value of the site absent the establishment of TIF District No. 1-2 and the use of tax increments. (c) In the opinion of the City Council, the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of TIF District No. 1-2 permitted by the TIF Plan. The reasons supporting this finding are that: (i) The estimated amount by which the market value of the site will increase without the use of tax increment financing is $0, and a small amount attributable to appreciation in land value; (ii) The estimated increase in the market value that will result from the redevelopment to be assisted with tax increment financing is $260,390,671 (from $27,740,300 to $232,650,371, assuming compounded 2% annual inflation); and (iii) The present value of the projected tax increments for the maximum duration of the TIF District permitted by the TIF Plan is $18,466,937. (d) The TIF Plan for TIF District No. 1-2 conforms to the general plan for development or redevelopment of the City of Hugo as a whole. The reasons for supporting this finding are that: (i) TIF District No. 1-2 is properly zoned; (ii) The Planning Commission of the City of Hugo has determined that the proposed TIF Plan conforms to the general plan for the development or redevelopment of the City as a whole; and (iii) The TIF Plan will generally complement and serve to implement policies adopted by the City. (e) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City of Hugo as a whole, for the development or redevelopment of Development District No. 1 by private enterprise. The reasons supporting this finding are that the development activities are necessary so that development and redevelopment by private enterprise can occur within Development District No. 1. 3. Public Purpose. The adoption of the Tax Increment Financing Plan for Tax Increment Financing (Redevelopment) District No. 1-2 within Development District No. 1 conforms in all respects to the requirements of the Act and the development of up to 592 19"764A 2