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I I I' III II , ,I 'I I', !' ~ 1\ approximately $62,040,000. After deducting the original market value of $6,967,000 from the estimated market value of $62,040,000, 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 be approximately $55,073,000. City staff has further determined that the total amount of tax increment generated from the project using tax increment assistance over the 26 year term of the Proposed District approximates $23,496,342. Assuming the same 26 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 $23,496,342 approximates $10,028,082. After deducting the present value of the tax increment ($10,028,082) from the increase in estimated market value occurring as a result of utilizing tax increment assistance ($55,073,000), the net increase in estimated market values approximates $45,044,918. 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 ($3,841,300) 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 ($55,073,000 - $10,028,082 = $45,044,918). Further information supporting this Finding is attached as Schedule 1. 4. Finding that the Proposed Plan conforms to the general plan for the development or redevelopment of the municipality as a whole. The City Council has reviewed the Proposed Plan for the Proposed District and has determined that it conforms to the City's Comprehensive Plan. 5. Finding that the Proposed Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole for the development or redevelopment of the Project Area by private enterprise. The redevelopment activities to be constructed within the Proposed District (which is located within the NW Quad, which is located within the Project Area) include the construction from 2005 through 2009 of 132 condominiums with an average market value of $180,000, 168 loft units with an average market value of $185,000, and 80 senior rental units with an average market value of $90,000. Upon completion of the 7