Resolution - #00-12-328 - 12/12/2000

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• buildings, streets, utilities or other improvements and more than 50% of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance. On file with the City is a report setting forth the conditions of the substandard buildings. (b) The proposed redevelopment in the opinion of the City Council, would not occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of'Tax Increment Financing District No. 8 permitted by the Tax Increment Financing Plan. 1212291.2 The reasons supporting this finding are that: (i) AMCOR and Sauter have represented to the City that they would not undertake their respective projects in Ramsey without the City's use of tax increment financing. Private investment will not finance these development activities because of prohibitive costs. It is necessary to finance these development activities through the use of tax increment financing so that other development by private enterprise will occur within Development District No. 1. (ii) A comparative analysis of estimated market values both with and without establishment of Tax Increment Financing District No. 8 and the use of tax increments has been performed as described above. Such analysis is found in Exhibit E of the Tax Increment Financing Plan, and indicates that the increase in estimated market value of the proposed development (less the indicated subtractions) exceeds the estimated market value of the site absent the establishment of Tax Increment Financing District No. 8 and the use of tax increments. (c) The Tax Increment Financing Plan for Tax Increment Financing District No. 8 conforms to the general plan for development or redevelopment of the City of Ramsey as a whole. The reasons for supporting this finding are that: (i) Tax Increment Financing District No. 8 is properly zoned; and (ii) The Tax Increment Financing Plan will generally compliment and serve to implement policies adopted in the City's comprehensive plan.