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City of Elk River, Minnesota <br />SPRINGSTED Page 5 <br />d. Even if some development other than the proposed development were to occur, the <br />Council finds that no alternative would occur that would produce a market value increase <br />greater than $1,116,579 (the amount in clause b less the amount in clause c) without tax <br />increment assistance. <br /> <br /> (3) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the <br />City as a whole, for development of the Project Area by private enterprise. <br /> <br />Factual basis: The proposed development is the construction of a new business in the Project Area <br />that is expected to create new jobs in the City and State, plus create new tax base for the City and <br />the state. The development meets the City's economic development goals in terms of land use, job <br />retention, and wage levels. <br /> <br /> (4) The TIF Plan conforms to general plans for development of the City as a whole. <br /> <br />Factual basis: The City Council has determined that the development proposed in the TIF Plan <br />conforms to the City comprehensive plan. <br /> <br /> <br />Section K Estimated Public Costs <br /> <br />The estimated public costs of the TIF District are listed below. Such costs are eligible for reimbursement <br />from tax increments of the TIF District. <br /> <br /> <br />Estimated Public Costs Estimated Amount <br />Land/Building acquisition $0 <br />Site Improvements/Preparation costs $0 <br />Utilities $0 <br />Other public improvements $241,274 <br />Construction of affordable housing $0 <br />Administrative expenses $26,809 <br />Total Estimated Public Costs $268,083 <br /> <br />Interest expenses $0 <br /> <br />Total Costs $268,083 <br /> <br /> <br />The City reserves the right to administratively adjust the amount of any of the items listed above or to <br />incorporate additional eligible items, so long as the total estimated public costs ($268,083) do not <br />increased. The City also reserves the right to fund any of the identified costs with any other legally <br />available revenues, such as grants and/or loans, but anticipates that such costs will be primarily financed <br />with tax increments. <br /> <br /> <br />Section L Estimated Sources of Revenue <br /> <br />Estimated Sources of Revenue Estimated Amount <br />Tax Increment revenue $268,083 <br />Interest on invested funds <br /> <br /> Total $268,083