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(ii) The proposed project will allow a business to attract and retain <br />businesses and new development into the area in and the business <br />district. The proposed development consists of the construction of an <br />approximately 20,000 square foot manufacturing building on property <br />within the City. Retaining this business and related jobs in Centerville is <br />important to the economic future of the community. <br />(iii) Private investment will not finance these development activities because <br />of prohibitive costs. It is necessary to finance a portion of the <br />development activities through the use of tax increment financing. <br />(iv) A comparative analysis of estimated market values both with and <br />without establishment of the Tax Increment District and the use of tax <br />increments has been performed as described above. Such analysis is <br />found in Exhibit I of the Tax Increment Financing Plan, and indicates that <br />the increase in estimated market value of the proposed development (less <br />the indicated subtractions) exceeds the estimated market value of the site <br />absent the establishment of the Tax Increment District and the use of tax <br />increments. <br />(v) In the opinion of the City Council, the increased market value of the site <br />that could reasonably be expected to occur without the use of tax <br />increment financing would be less than the increase in the market value <br />estimated to result from the proposed development after subtracting the <br />present value of the projected tax increments for the maximum duration <br />of the Tax Increment District permitted by the Tax Increment Financing <br />Plan. The reasons supporting this finding can be found in Exhibit I of the <br />Tax Increment Financing Plan. <br />(vi) The Tax Increment Financing Plan for the Tax Increment District <br />conforms to the general plan for development of the City as a whole. <br />The reasons for supporting this finding are that: <br />(i) The Tax Increment District is properly zoned; and <br />(ii) The Tax Increment Financing Plan will generally compliment and serve <br />to implement policies adopted in the City's comprehensive plan. <br />(d) The Tax Increment Financing Plan will afford maximum opportunity, <br />consistent with the sound needs of the City as a whole, for the development or redevelopment <br />of the Development District by private enterprise. <br />3 <br />3 <br />