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  <br />City of Arden Hills <br />Tax Increment Financing District No. 5: TCAAP 14  <br />Appendix C: Findings Including But/For Qualifications <br />The reasons and facts supporting the findings for the adoption of the Tax Increment Financing <br />Plan (TIF Plan) for Tax Increment Financing District No. 5: TCAAP (the “District”), as required <br />pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 are as follows: <br /> <br />1. Finding that Tax Increment Financing District No. 5: TCAAP is a redevelopment district <br />defined in M.S., Section 469.174, Subd. 10. <br /> <br />In accordance with 2009 Minnesota Session Laws, Chapter 88, Article 5, Section 16, <br />Subdivision 2 (a)(1) the District is a redevelopment district and is deemed to meet all the <br />requirements of 469.174, subdivision 10. <br /> <br />2. Finding that the proposed development, in the opinion of the City Council, would not <br />reasonably be expected to occur solely through private investment within the reasonably <br />foreseeable future and that the increased market value of the site that could reasonably be <br />expected to occur without the use of tax increment financing would be less than the increase <br />in the market value estimated to result from the proposed development after subtracting the <br />present value of the projected tax increments for the maximum duration of Tax Increment <br />Financing District No. 5: TCAAP permitted by the TIF Plan. <br /> <br />The proposed development, in the opinion of the City, would not reasonably be expected to <br />occur solely through private investment within the reasonably foreseeable future: This finding <br />is supported by the fact that the redevelopment proposed in the TIF Plan meets the City's <br />objectives for development. The City has approved development plans since 2007 (updated <br />in 2016) and no development has commenced since then due to the need for significant <br />infrastructure and utility improvements, a new water tower, funding for affordable housing and <br />other development costs associated with the District. Based upon this, the various <br />components of the development may be feasible only through assistance, in part, from tax <br />increment financing. Each development requesting assistance will be required to fill out the <br />City’s Public Financing Application and submit a detailed proforma as justification that they <br />would not have gone forward without tax increment assistance. <br /> <br />The increased market value of the site that could reasonably be expected to occur without the <br />use of tax increment financing would be less than the increase in market value estimated to <br />result from the proposed development after subtracting the present value of the projected tax <br />increments for the maximum duration of the District permitted by the TIF Plan: This finding is <br />justified on the grounds that the cost of site and public improvements, utilities and providing <br />affordable housing add to the total development cost. No development has happened on this <br />property since development plans were first approved in 2007. The City reasonably <br />determines that no other development of similar scope is anticipated on this site without <br />substantially similar assistance being provided to the development. <br /> <br />Therefore, the City concludes as follows: <br /> <br />a. The City's estimate of the amount by which the market value of the entire District will <br />increase without the use of tax increment financing is $0. <br /> <br />b. If the proposed development occurs, the total increase in market value will be <br />$572,471,970.