Agenda - Council - 05/27/2014 - Laserfiche WebLink

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in detail to determine the minimal amount of assistance needed to compensate developers for extraordinary development costs. No higher market value expected: This finding is based on the fact that no other development of comparable scope to the proposed development is practical without the same type of assistance described in this plan, or the proposed transit and roadway improvements. The City of Ramsey believes the investment in this key infrastructure will provide for economic growth and development to the fullest potential, which would not be realized but for the use of tax increment fmancing. To summarize the basis for the City's findings regarding alternative market value, in accordance with Minnesota Statutes, Section 469.175, Subd. 3(d), the City makes the following determinations: a. The City's estimate of the amount by which the market value of the site will increase without the use of tax increment financing is anywhere from $0 to some modest amount based on small scale development that could be possible without assistance; any estimated values would be too speculative to ascertain. b. If the proposed development to be assisted with tax increment occurs in the District, the total increase in market value would be approximately $591,723,309, including the value of the building (See Exhibit III). Prior to the inclusion of a 2% market value inflator starting in 2018. 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 $68,943,022 (See Exhibit VI) 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 $447,066,222 (the amount in clause b less the amount in clause c) without tax increment assistance. (AS MODIFIED JANUARY 25, 2011) a. The City's estimate of the amount by which the market value of the site will increase without the use of tax increment financing is anywhere from $0 to some modest amount based on small scale development that could be possible without assistance; any estimated values would be too speculative to ascertain. b. If the proposed development to be assisted with tax increment occurs in the District, the total increase in market value would be approximately $515,404,309, including the value of the building (See Exhibit III). Prior to the inclusion of a 2% market value inflator starting in 2018. 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 $68,338,087 (See Exhibit VI) 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 $447,066,222 (the amount in clause b less the amount in clause c) without tax City of Ramsey Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 5