05.02 - Tax Increment Financing Project - Lonesome Cottage

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b. If the proposed development to be assisted with tax increment occurs in the District, the total increase in market value would be approximately $920,200. The increase in market value would be due primarily to new construction within the District. (See Appendix D and F of TIF Plan). c. The present value of tax increments from the District for the maximum duration of the district permitted by the TIF Plan is estimated to be no more than$165,479. (See Appendix F of TIF Plan) d. Even if some development other than the proposed development were to occur, the Council finds that no alternative would occur that would produce a market value increase greater than $754,721 (the amount in clause b less the amount in clause c)without tax increment assistance. 3. Finding that the TIF Plan for the District conforms to the general plan for the development or redevelopment of the municipality as a whole. City staff have reviewed the TIF Plan and the City's comprehensive plan and have advised the Council that the TIF Plan conforms to the general development plan of the City, based on that review and analysis the Council finds that the TIF Plan conforms to the general development plan of the City. 4. Finding that the TIF Plan for the District 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 project to be assisted by the District will result in increased employment in the City and the State of Minnesota, increased tax base of the State,and add a high quality development to the City.