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(5) <br />without the use of tax increment financing is anywhere from $0 to some modest amount based <br />on small scale development that could be possible without assistance; any estimated values <br />would be too speculative to ascertain. <br />b. If the proposed development to be assisted with tax increment occurs in the District, the <br />total increase in market value would be approximately $591,723,309, including the value of the <br />building (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 <br />district permitted by the TIF Plan is estimated to be $68,943,022 (See Exhibit VI) <br />d. Even if some development other than the proposed development were to occur, the <br />Council finds that no alternative would occur that would produce a market value increase <br />greater than $447,066,222 (the amount in clause bless the amount in clause c) without tax <br />increment assistance. <br />(AS MODIFIED JANUARY 25, 2011) <br />a. The City's estimate of the amount by which the market value of the site will increase <br />without the use of tax increment financing is anywhere from $0 to some modest amount based <br />on small scale development that could be possible without assistance; any estimated values <br />would be too speculative to ascertain. <br />b. If the proposed development to be assisted with tax increment occurs in the District, the <br />total increase in market value would be approximately $515,404,309, including the value of the <br />building (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 <br />district 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 <br />Council finds that no alternative would occur that would produce a market value increase <br />greater than $447,066,222 (the amount in clause bless the amount in clause c) without tax <br />increment assistance. <br />(3) 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 <br />acres for retail development, 10 acres for mixed -use development, 15 acres for commercial/business <br />development, and 16 acres for housing development; in addition to the substantial private development <br />which is projected to occur in the District. The mixed -use, transit- oriented development clearly meets <br />the economic development 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 <br />TIF Plan conforms to the City comprehensive plan. <br />The City does not elect the method of tax increment computation set forth in Minnesota <br />Statutes, Section 469.177, Subdivision 3(b); therefore subdivision 3(a) shall apply which <br />City of Ramsey <br />Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 5 <br />