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City of Ramsey, Minnesota
<br />a. The City's estimate of the amount by which the market value of the site will increase without
<br />the use of tax increment financing is anywhere from $0 to some modest amount based on small scale
<br />development that could be possible without assistance; any estimated values would be too speculative
<br />to ascertain.
<br />b. If the proposed development to be assisted with tax increment occurs in the District the total
<br />increase in market value would be approximately $591,723,309, including the value of the building (See
<br />Exhibit III). Prior to the inclusion of a 2% market value inflator starting in 2018.
<br />c. The present value of tax increments from the District for th, maximum duration of the district
<br />permitted by the TIF Plan is estimated to be $68,943,022 (See Exhibit Vlj
<br />d. Even if some development other than the prop ed,;tleyelopment were to occur, the Council
<br />finds that no altemative would occur that would prddice' a markt, value increase greater than
<br />$522,780,287 (the amount in clause b less the amo htin cause c) withoiittax increment assistance.
<br />iliJ(3) The TIF Plan will afford maximum opportuntty, consistent with the sound needs of the City as a
<br />whole, for development of the Project Area';by, private enterp'r.'ise. + E;,4,n
<br />Factual basis: The anticipated development projected by'•t 'eifIty,.'giay include the development of 69 acres for
<br />retail development, 10 acres for mixeditise'development,15 act$ fo commercial/business development, and 16
<br />acres for housing development; in addition'togtPie,substantial pnvate,development which is projected to occur in
<br />• a'" a o$,r
<br />the District. The mixed -use, transit-oderited,:,develdpmer3cclearly mee#je tsjeconomic development goals of the
<br />City 1 m�(;,.
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<br />(4) The TIF Plan onforms.tggeneral plans for developmenof t owe City as a whole.
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<br />Factual basis;g.TljeCity Planning Commission has;determined that the development proposed in the TIF Plan
<br />conforms to theC.comprehensive plan. ill,
<br />(5) The City doe's' hot', ' elect the methodrojtax increment computation set forth in Minnesota Statutes,
<br />Sectlon.,469.174Sutidivision 3(b); therefore subdivision 3(a) shall apply which indicates the original
<br />ss,{;x-'.ca Y,�.,R h
<br />net taxi'capacity and,the current net tax capacity shall be determined before the application of the
<br />fiscal disparity: provisions• (see method (a) in Section P).
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<br />Section K ''''tiiPl'.; ,;. Estimated Publiic Costs
<br />The estimated publrit4costs of thei'TIF District are listed below. Such costs are eligible for reimbursement from tax
<br />increments of the TIF District.,(rk
<br />41 t,1T;1 1.Y�,
<br />Land/Btiifding acquisition, Special Assessments,
<br />Public Utilities, Site Improvements/Preparation $61,825,343
<br />Costs, Northstar Transit Station and related
<br />infrastructure, and other Eligible Improvements
<br />Bond/Note Interest Payments 105,312,690
<br />Administrative expenses - 18,570,896
<br />Other Expenditures
<br />. Capitalized Interest payments 0
<br />Total $185,708,929
<br />SPRINGSTED
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