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Ll <br />The site plan also requires the construction of a two -level, 275 <br />unit parking ramp to afford sufficient parking to serve the site. <br />The costs for the construction of this parking ramp is, by itself, <br />an excess site development cost. In addition, the project will <br />require both off and on -site public improvements to address <br />traffic and drainage concerns. <br />in summary, the developer's need for TIF assistance is jnstif ied <br />by: <br />* Excess acquisition costs to compensate the existing home <br />owners over and above real land value costs. <br />Construction of a two -level, 275 unit parking ramp to serve <br />the site. <br />Assistance to offset excess roAdway and drainage costs. <br />TAX INCRMENT FINANCING DISTRICT <br />It is the developer's understanding that the existing Pavilion <br />place i.s currently within a Redevelopment TIV District. This <br />reguont for ass io tance, however, doer not preoubie the ut i l i zap icn <br />of any existing stin increments generated from theoriginal devee 10pment. <br />Instead, all incromi-znt calculations �nr-rw 1baoed nol.oiy upon <br />tha'I imprOvtx,n,}ntt to tljt� x i aat i nrI cKijjc,� z` anal t_1ro- net i ncr; .nt <br />genoratod oil the oxphnn ion o i to . <br />They doveloper <br />anticipatOlt thAt 00 «txp=1`19ion <br />tilt"! will <br />gsaalify <br />a} a ngdolvolopment <br />Dititrict bmicil upon <br />oxi,atinq Minne ota State <br />Statutes and <br />would also quality ohould <br />the nnticipated <br />` IF <br />modif icati.ons <br />contomplated ',)lW tho Logi-,latur� <br />1�3rR-onact�,,A. <br />At3 a <br />results this <br />r _t would qualify as <br />!1 socl3vviopmont <br />Oitttrict and <br />will provido <br />tho opportunity for up to <br />25 yoetrti of `riv <br />avusi, tance. <br />-2- <br />