6.1. SR 11-01-2004 - Laserfiche WebLink

Home Browse Search

increment financing would be less than the increase in market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the TIF District permitted by the Plan: This finding is justified on the grounds that the cost of site acquisition, site and public improvements and utilities add to the total redevelopment cost. Historically, site and public improvements costs in this area have made redevelopment infeasible without tax increment assistance. Therefore, the City reasonably determines that no other redevelopment of similar scope is anticipated on this site without substantially similar assistance being provided to the development. A comparative analysis of estimated market values both with and without establishment of the District and the use of tax increments has been performed as described above. If all development which is proposed to be assisted with tax increment were to occur in the District, the total increase in market value would be up to $15,310,000. The present value of tax increments ftom the District is estimated to be $3,089,062. It is the Council's finding that no development with a market value of greater than $12,220,938 would occur without tax increment assistance in this district within 25 years. This finding is based upon evidence ftom general past experience with the high cost of acquisition and public improvements in the general area ofthe District (see Cashflow in Appendix G of the TIF Plan). 3. Finding that the Tax Increment Financing Plan for Downtown Phase I Tax Increment Financing District No. 22 conforms to the general plan for the development or redevelopment of the municipality as a whole. The Planning Commission reviewed the Plan and found that the Plan conforms to the general development plan ofthe City and is consistent with the City's Comprehensive Plan. ' 4. Finding that the Tax Increment Financing Plan for Downtown Phase I Tax Increment Financing District No. 22 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of Development District No. 1 by private enterprise. The project to be assisted by the District will result in increased employment in the City and the State of Minnesota, the renovation of substandard properties, increased tax base of the State and add a high quality development to the City. The implementation ofthe Plan will also increase the availability of safe and decent life-cycle housing in the City.