5.0. 6.0. 7.0. EDSR 08-10-1998 - Laserfiche WebLink

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• Y. MUNICIPAL APPROVAL Pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, before or at the time of approval of the tax increment financing plan for District No. 20, the municipality shall make the following findings and shall set forth in writing the reasons and supporting facts for each determination. 1. Finding that the Tax Increment Financing District No. 20 is an economic development district as defined in Minnesota Statutes, Section 469.174, Subd. 12. District No. 20 consists of 1 parcel of property. The District is in the public interest because it will result in increased employment in the State, and it will result in preservation and enhancement of the tax base of the State. 2. Finding that the proposed development, in the opinion of the City Council and the Authority, would not occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonable 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 District No. 20 permitted by the Tax Increment Financing Plan. Due to the high cost of development on the parcel, and the cost of financing the proposed improvements, this project is feasible only through assistance, in part, from tax increment • financing. A comparative analysis of estimated market values both with and without establishment of Tax Increment Financing District No. 20 and the use of tax increments has been performed as described above. 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 that 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. 20 permitted by the Tax Increment Financing Plan (see cashflows in Appendix C). 3. Finding that the Tax Increment Financing Plan for District No. 20 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 28, 1998, for conformance with the general development plan of the City. 4. Finding that the Tax Increment Financing Plan for Tax Increment Financing District No. 20 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. 20 will result in increased Tax Increment Financing District No.20 Page II-I3