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the value of the land for the proposed project is approximately $26.1 million. It has been determined that this difference of approximately $39.8 million requires tax increment assistance of approximately $32.0 million and other financing assistance from grants or the developer to make the redevelopment project economically feasible and to allow it to proceed. Additional background and analysis supporting this Finding are included in Exhibit F of the District Plan. 3. Finding that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the District Plan. The original market value of the District is $30,189,700. City staff has determined that without tax increment assistance it may be possible that existing structures within the District would be renovated for industrial uses resulting in an estimated market value of approximately $42,099,900. After deducting the original market value of $30,189,700 from this estimated market value of $42,099,900, City staff has determined that the increased market value that could reasonably be expected to occur from a project receiving no tax increment assistance would approximate $11,910,200. City staff has also determined that with tax increment assistance the redevelopment activities described in Item 2 above could be achieved with an estimated market value of approximately $212,376,245. After deducting the original market value of $30,189,700 from this estimated market value, City staff has further determined that the increased market value that could reasonably be expected to occur from a project receiving tax increment assistance would approximate $182,186,545. City staff has also determined that the total amount of tax increment generated from the project using tax increment assistance over the 25 year term of the District approximates $82,289,412. Assuming the same 25 year term and a present value rate of 5.5%, which for financial analysis is assumed to be the bond rate, the present value of $82,289,412 approximates $38,466,218. After deducting the present value of the tax increment ($38,466,218) from the increase in estimated market value occurring as a result of utilizing tax increment assistance ($182,186,545), the net increase in estimated market values approximates $143,720,327. City staff has further determined that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing ($11,910,200) is less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the TIF Plan ($182,186,545 - 7