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()- <br />TAXINCREMENTFINANCINGHOUSINGDISTRICTNO.18 <br />lessthantheincreaseinthemarketvalueestimatedtoresultfromtheproposeddevelopment <br />aftersubtractingthepresentvalueoftheprojectedtaxincrementsforthemaximumdurationof <br />Acomparativeanalysisofestimatedmarketvaluesbothwithandwithoutestablishmentof <br />theTIFDistrictandtheuseoftaxincrementshasbeenperformedasdescribedaboveandis <br />showninExhibitI.Thisanalysis,whichisnotrequiredbytheTIFActforapprovalofahousing <br />proposeddevelopment(lessthepresentvalueoftheprojectedtaxincrementsforthemaximum <br />establishmentoftheTIFDistrict. <br />SECTION3.03TAXINCREMENTFINANCINGDISTRICT <br />3.03.1Designation <br />ThisTIFDistrictisdesignatedTaxIncrementFinancing(Housing)DistrictNo.1-8. <br />3.03.2BoundariesofTIFDistrict <br />TheboundariesoftheTIFDistrictaredepictedinExhibitV.TheTIFDistrictincludesthe <br />propertylegallydescribedasfollowsandtheadjacentroadsandright-of-way: <br />•NEWLEGALDESCRIPTIONWILLBEINSERTEDHEREINFINALPLANPRIORTO <br />CERTIFICATIONREQUESTTOTHECOUNTYFORTHETIFDISTRICT <br />ThepropertywithintheboundariesoftheTIFDistrictincludesthefollowingeightparcelsat <br />timeofestablishmentoftheTIFDistrict: <br />•23-31-22-23-0011 <br />•23-31-22-23-0010 <br />•23-31-22-23-0009 <br />•23-31-22-23-0008 <br />•23-31-22-23-0007 <br />•23-31-22-23-0014 <br />•23-31-22-23-0006 <br />•23-31-22-23-0005 <br />TheseeightparcelswereincludedwithinTaxIncrementFinancing(Redevelopment)District <br />buildingsdidoccurbuttheplannedredevelopmentwithinTaxIncrementFinancingDistrict <br />No.1-6didnotoccurandnotaxincrementswerecollected.TaxIncrementFinancingDistrict <br />1-6. <br />3.03.3TypeofDistrict <br />TheTIFDistrictisdesignatedasa“housing”districtpursuanttoSection469.174,Subd.11ofthe <br />Projectwillneedtocommittothefollowing: <br />1. <br />section142(d)oftheInternalRevenueCode.Thisrequirementappliesfortheduration <br />Countyis$100,000.TheDeveloperwillberequiredtocommittoprovide20%ormore <br />ofunitsforoccupancybypersonsat50%orlessofareamediangrossincome,whichis <br />estimatedat$50,000for2019.TheseincomethresholdsmaychangeoverthelifeoftheTIF <br />District. <br />DRAFTFORPUBLICHEARINGOCTOBER9,20196 <br />17 <br /> <br />