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LC—ITY OF PEQUOT LAKES -TIF DISTRICT N0.2 -2 <br />has had limited economic activity over the past five years, so we are projecting a small inflationary <br />rate of 1%. Such analysis is included as Exhibit 5, indicates that <br />a) The Authority's estimate of the amount by which the market value of the site will increase without the <br />use of tax increment financing is $1,292 (for the reasons described above). <br />b) !f the proposed development to be assisted with tax increment occurs in the TIF District, the total <br />increase in market value would be approximately $5,000,000. The increase in market value would <br />be due primarily to new construction within the TIF District. (See Exhibit 3) <br />c) The present value of tax increments from the TIF District for the maximum duration of the district <br />permitted by the TIF Plan is estimated to $636,471 (See Exhibit 5) <br />d) Even if some development other than the proposed development were to occur, the Authority finds <br />that no alternative would occur that would produce a market value increase greater than $4,363,529 <br />(the amount in clause b less the amount in clause c) without tax increment assistance. <br />3. The TIF Plan conforms to the general plan for development or redevelopment of the City as a whole. <br />Through the implementation of the TIF Plan, the City will provide an impetus for a needed commercial <br />and industrial property within the City, thereby encouraging potential further development by other <br />private developers with the Project Area. <br />4. The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, <br />for the development of the Project Area by private enterprise. <br />The reasons and facts supporting this finding are that the development activities are necessary so <br />that development and redevelopment by private enterprise can occur within the Development <br />District. <br />13 <br />