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Last modified
10/1/2010 11:13:19 AM
Creation date
10/1/2010 11:11:21 AM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
9/13/2010
Resolution #
10839
Resolution Title
RESOLUTION APPROVING A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR MUNICIPAL DEVELOPMENT DISTRICT NO. 1 AND ESTABLISHING TAX INCREMENT FINANCING ECONOMIC DEVELOPMENT) DISTRICT NO. 19 (APPLEWOOD POINTE SENIOR COOPERATIVE HOUSING PROJECT) WITHIN MUNICI
Resolution Summary
Tax Increment Financing for District 19, Applewood Pointe
Resolution Date Passed
9/13/2010
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(ii) A comparative analysis of estimated market values both <br />with and without establishment of TIF District No. 19 and <br />the use of tax increments has been performed as described <br />above. Such analysis is found in Exhibit V of the TIF Plan, <br />and indicates that the increase in estimated market value of <br />the proposed development (less the indicated subtractions) <br />exceeds the estimated market value of the site absent the <br />establishment of TIF District No. 19 and the use of tax <br />increments. <br />(c) In the opinion of the City Council, the increased market value of <br />the site that could reasonably be expected to occur without the use <br />of tax increment financing would be less than the increase in the <br />market value estimated to result from the proposed development <br />after subtracting the present value of the projected tax increments <br />for the maximum duration of TIF District No. 19 permitted by the <br />TIF Plan. The reasons supporting this finding are that: <br />(i) The estimated amount by which the market value of the site <br />will increase without the use of tax increment financing is <br />$0, except for a small amount attributable to appreciation in <br />land value; <br />(ii) The estimated increase in the market value that will result <br />from the development to be assisted with tax increment <br />financing is $31,354,414 (from $1,537,200 to <br />$32,891,614); and <br />(iii) The present value of the projected tax increments for the <br />maximum duration of the TIF District permitted by the TIF <br />Plan is $1,735,051. <br />(d) The TIF Plan for TIF District No. 19 conforms to the general plan <br />for development or redevelopment of the City of Roseville as a <br />whole. The reasons for supporting this finding are that: <br />(i) TIF District No. 19 is properly zoned; <br />(ii) The City has determined that the proposed TIF Plan <br />conforms to the general plan for the development or <br />redevelopment of the City as a whole; and <br />(iii) The TIF Plan will generally complement and serve to <br />implement policies adopted by the City. <br />(e) The TIF Plan will afford maximum opportunity, consistent with <br />the sound needs of the City of Roseville as a whole, for the <br />
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