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<br />Significantly increases the city’s tax base <br /> <br />• Currently, the property pays $4,480 in taxes according to its 2020 property tax statement. By <br />significantly increasing the density on the site, estimated property taxes will increase $35,628, <br />to $40,108. <br /> <br />Demonstrates the ability to encourage unsubsidized development <br /> <br />• Following the goals and guidance of the FAST, the developer will request a subdivision in order <br />to develop Phase II, which will be another 55 units apartment building. The developer will likely <br />not need city subsidies for Phase II because of the reduced acquisition costs. <br /> <br />Facilitates the development process and achieves development on sites that would not develop “but <br />for” the use of TIF <br /> <br />• But for the award of tax increment financing, the development will not occur due to a gap in <br />permanent financing. Because the development is income/rent restricted housing, its <br />supportable first mortgage is comparatively smaller than an identical market rate housing <br />project’s mortgage. <br /> <br />• Per the FAST Plan, this site is located in the early Phase 1 project area where TIF will be needed <br />to implement the master plan. <br /> <br />