Laserfiche WebLink
(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. The project will be completed in phases, with the first <br /> phase of 12,000 to 15,000 square feet constructed in 2013 and an <br /> additional 5,000 to 18,000 square feet estimated to be constructed within <br /> the next five (5) years. For the purposes of the TIF Plan, the Plan assumes <br /> 15,000 square feet will be constructed in 2013 and an additional estimated <br /> 5,000 square feet in year 2014. Retaining this business and related jobs in <br /> Centerville is 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 /> 3 <br />