6.0. EDSR 08-14-2000 - Laserfiche WebLink

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• BUT/FOR ANALYSIS Current Market Value- Est. 763,000 New Market Value- Est. 3,869,000 Difference 3,106,000 Present Value of Increment at 8.00% 843,511 Difference 2,262,489 Value Likely to Occur Without TIF is Less Than: 2,262,489 Such analysis is included in the Tax Increment Financing Plan and shows that the estimated market value of the proposed development (less the indicated subtractions) after discounting by the present value of the tax increment is significantly greater than the increase in the market value estimated to result from other development that could be expected to occur without the use of tax increment after the present value of the projected tax increment for the maximum duration of District No. 21 permitted by the Tax Increment Financing Plan. The amount of TIF proposed for use in this project to assist with land acquisition costs is commensurate with the actual market value of the property. This is evidenced by an exclusive marketing agreement entered into by the Elk River Economic Development Authority and Country Ridge, Inc. on February 2, 1998. 4111 Finally, the developer has been presented with an option to undertake the project at an out- of-state location. Without the use of Tax Increment Financing for the purposes stated within this plan, the proposed project will not occur at the site. Nor is it foreseeable that other development of similar scope and magnitude will occur at the site solely with private investment in the. 3. Finding that the Tax Increment Financing Plan for District No. 21 conforms to the general plan for the development or redevelopment of the municipality as a whole. The site is appropriately zoned. The Tax Increment Financing Plan will be reviewed by the Planning Commission on July 25, 2000, for conformance with the general development plan of the City. 4. Finding that the Tax Increment Financing Plan for Tax Increment Financing District No. 21 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of Development District No. 1 by private enterprise. The establishment of Tax Increment Financing District No. 21 will result in increased employment for the City and State of Minnesota, increased tax base of the State, and add a high quality development to the City. Additional findings may be set forth in the Authorizing Resolution of the City. Tax Increment Financing District No.21 Page 11-11