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The increased market value of the site that could reasonably be expected <br />to occur without the use of tax increment financing would be less than the <br />increase in market value estimated to result from the proposed <br />development after subtracting the present value of the projected tax <br />increments for the maximum duration of the TIF District permitted by the <br />TIF Plan: The City supported this finding on the grounds that that the cost <br />of land acquisition, site and public improvements and utilities add to the <br />total development cost. The City reasonably determines that no other <br />development of similar scope is anticipated on this site without <br />substantially similar assistance being provided to the development. <br />Therefore, the City concludes as follows: <br />a. The City's estimate of the amount by which the market value of the <br />entire District will increase without the use of tax increment financing <br />is $0. <br />b. If the proposed development occurs, the total increase in market value <br />will be 28,652,200 (see Appendix B of the TIF Plan) <br />c. The present value of tax increments from the District for the maximum <br />duration of the district permitted by the TIF Plan is estimated to be <br />$2,232,782 (see Appendix B of the TIF Plan). <br />d. Even if some development other than the proposed development <br />were to occur, the Council finds that no alternative would occur that <br />would produce a market value increase greater than $26,419,418 (the <br />amount in clause b less the amount in clause c) without tax increment <br />assistance. <br />3. Finding that the TIF Plan for Tax Increment Financing District No. 18 <br />(Oppidan Industrial) conforms to the general plan for the development or <br />redevelopment of the municipality as a whole. <br />The City Council reviewed the TIF Plan and found that the TIF Plan <br />conforms to the general development plan of the City. <br />4. Finding that the Tax Increment Financing Plan for Tax Increment Financing <br />District No. 18 (Oppidan Industrial) will afford maximum opportunity, <br />consistent with the sound needs of the City as a whole, for the <br />development of Development District No. 1 by private enterprise. <br />The project to be assisted by the District will result in increased <br />employment in the City and the State of Minnesota, increased tax base of <br />the Stateand add a high -quality development to the City. <br />City of Ramsey <br />Tax Increment Financing District No. 18 (Oppidan Industrial) 16 <br />