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�.�+,ar I-35W Ramp Modifications <br />- ExistingLocation <br />• Widening to Allow Ramp Metering <br />• Removal of WB Co. Rd. C Loop <br />• Additional Lane on Cleveland Ave. <br />Workshop # 4 — <br />Finance and Economics <br />• Cost of Land Acquisition, Assembly, and <br />Preparation <br />. AffectofFinancialConsiderationson � •�� � � � � <br />'I <br />DevelopmentAlternatives I' : ; • � � <br />• Special Legislation <br />I� 7 ��������� ,�I Meetingwith <br />_ _ � _ . ._ � Development Tea <br />�� • Post report on Website <br />and in Newsletter <br />��t <br />Why a Twin Lakes Parkway? <br />. ArTyredevelopmentscen8riowillrequireanewMll��ipldyyy <br />system <br />• Existing large Parcels Need to be Subdivided <br />• TheTwinLakesParkwayalignment: <br />- Complemerrts Estehlished Street System <br />- Cqn�eds to I-35W Ramp and Snelling Avenue <br />- Complemerrts DevelopmentPattern <br />- Can be ImplementedOverTime <br />- m e selededconidor would colled and �IM traffic onto the <br />�y, • d aw��partr6a� tY�n w�riaut i � a q �u <br />�sfAy sVoet +n�+. � ��q Ir�et+e�itiaWrdnd�0 <br />I+�d�+dFrYdL. <br />- 'I��selededalignmentwaschosenfollowingtheevaluationof <br />several sitematives because it was judged to peovide the best <br />balanceof all of the above statedp��a <br />���.* Cost Estimates <br />Twin Lakes Parkway $1,831,000 <br />I-35W Ramp Modifications $1,496,000 <br />Other Enhancemenis $1.292.000 <br />$4,619,000 <br />. Does Not Indude ROW Costs <br />,vo�ksa�.a.� Common Misconceptionsabout <br />Tax Increment <br />• Propertyin a TIF District pays � taxes <br />. Propertyin a TIF District pays more taxes <br />- Real estate is taxed the 5ame Mslde a aRside d a TIF District <br />. All taxes go to the City or the developer <br />- Tax incram�t is a poAion d the tatal taxes paid <br />. Tax incrementis always a subsidyto the developer <br />- Tau increrrert K generally usEd h� mal� the tl�derdopabte, make housing <br />affordable, andrrel�9+�Yd�ao*pe�ywithGreerMidds <br />. The project would have occurred anyway so tax increment is <br />not necessary <br />- TI2'But F c f testmust be met and fndings made <br />Tax incrementmakes it easier to use condemnation <br />- Tau inaerrert is a finandng b4� only <br />�� <br />