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City of Ramsey, Minnesota <br />To summarize the basis for the City's findings regarding alternative market value, in accordance with <br />Minnesota Statutes, Section 469.175, Subd. 3(d), the City makes the following determinations: <br />(3) <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 <br />speculative 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 $515,404,309, including the value of the building <br />(See 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 the maximum duration of the district <br />permitted by the TIF Plan is estimated to be $68,338,087 (See Exhibit VI) <br />d. Even if some development other than the proposed development were to occur, the Council <br />finds that no alternative would occur that would produce a market value increase greater than <br />$447,066,222 (the amount in clause b less the amount in clause c) without tax increment assistance. <br />The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a <br />whole, for development of the Project Area by private enterprise. <br />Factual basis: The anticipated development projected by the City may include the development of 69 acres <br />for retail development, 10 acres for mixed -use development, 15 acres for commercial/business development, <br />and 16 acres for housing development; in addition to the substantial private development which is projected to <br />occur in the District. The mixed -use, transit -oriented development clearly meets the economic development <br />goals of the City. <br />(4) The TIF Plan conforms to general plans for development of the City as a whole. <br />Factual basis: The City Planning Commission has determined that the development proposed in the TIF Plan <br />conforms to the City comprehensive plan. <br />(5) <br />The City does not elect the method of tax increment computation set forth in Minnesota Statutes, <br />Section 469.177, Subdivision 3(b); therefore subdivision 3(a) shall apply which indicates the <br />original net tax capacity and the current net tax capacity shall be determined before the application <br />of the fiscal disparity provisions (see method (a) in Section P). <br />Section K Estimated Public Costs <br />The estimated public costs of the TIF District are listed below. Such costs are eligible for reimbursement from tax <br />increments of the TIF District. <br />Original Budget — Administrative <br />Adopted December 14, Amendment — January <br />2010 25, 2011 <br />Land/Building acquisition, Special Assessments, <br />Public Utilities, Site Improvements/Preparation $61,825,343 $61,825,343 <br />Costs, Northstar Transit Station and related <br />infrastructure, and other Eligible Improvements <br />Bond/Note Interest Payments 1 105,312,690 105,312,690 <br />Administrative expenses 1 18,570,896 18,570,896 <br />SPRINGSTED Page 4 <br />