6B, Public Hearing Proposed TIF District Resolution 2010-081, -082 & -083

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alterz�ate threshold noted beiow). Therefore, the Ci#y concludes as follows: a. The City's estimate oF the amount by which the market value of the entire Dis�rict wili increase without t�e use of tax increment financing is an amount �ess than the amaunt desczibed in clause d below. b. If the proposed development accurs, the total increase in market �alue will be $12,623,600 (see Appendices D and G of the TI� Plan) c. The present value of tax increments from the District for the maximum duration of the District permitted by #he TIF Plan is estimated to be $2,650,975 (see Appendices D and G of the TIF Plan). d. Even if some developrnent other �han t�e proposed development were to occur, the Counczl finds that no alternative would occur that would produce a markei value increase greater than $9,972,625 (the amount in clause b less the amount in clause c) without tax increment assistance. But For Analys�s ' : Current Market Value New Maz-ket Vaiue - Estimate Difference Present Value of Ta�c Increment Difference Valuc Likely to Occ�r Without TIF is Less Than: 38,238,800 50,862,400 12,623,600 2,b50,975 9,472,625 9,972,625 3. Finding that the TIF Plan for the District confarms tn the general plan for the developmerrt or redevelopmeni of the municipality as a whole. The Planning Comrnission reviewed the TIF Plan and found that ihe TI� Pian conforms ta the general de�elopment plan of the City. .4. Finding thatthe TIFPIan for the Districtwill affordmaxirraum oppartuniry, conszstentwith the so�and needs of the City as a whale, for the development or redevelopment ofDevelopment Disirict No. 1 by private enterprise. The project io be assisted by the District will result in the redevelopment of substanciard properties, increase the availability of safe and decent life-cycle housing in the City, increase the tax base of the State and add a high quality development to the City. Appendix G-z