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TIF as a Development Tool
<br /> The City of New Brighton has utilized TIF for key economic development, redevelopment and housing projects in the City. Utilizing
<br /> this tool to accomplish the various goals of the City has strengthened the overall diversity of housing options, land uses and tax base,
<br /> while increasing employment opportunities and cleaning up contaminated sites. One immediate benchmark of the benefit in utilizing
<br /> TIF is the overall increase in market value from when the district was created to when it is fully developed and aging. As illustrated in
<br /> the following table, the City's overall market value has increased in the various TIF districts by over 600%:
<br /> Original Market Payable 2013 Percent Increase
<br /> District Value Market Value in Value
<br /> TIF 7 2050 Hwy 8 64,500 4,257,400 6500.62%
<br /> TIF 10 JLN Development 109,100 4,200,000 3749.68%
<br /> TIF 11 Trainor Enterprises 57,700 1,400,000 2326.34%
<br /> TIF 12 Harstad Office Building 39,000 4,311,000 10953.85%
<br /> TIF 14 Golden Pond 373.500 5,047,500 1251.41%
<br /> TIF 15 Brighton Corporate Park 2,842,900 16,735,400 488.67%
<br /> TIF 16 2121 -23 Highway 8 107,800 1,260,400 1069.20%
<br /> TIF 17 County Road D I Interstate 807,100 5,934,900 635.34%
<br /> TIF 18 Remmelle, CBD West 2,695,700 18,891,600 600.81%
<br /> TIF 20 Lakeview Business Park North 496,500 13,537,900 2626.67%
<br /> TIF 23 Thorndale Plaza 73,600 1,571,100 2034.65%
<br /> TIF 25 Lakeview South 1,477,500 13,975,900 845.92%
<br /> TIF 26 Brighton Corporate Business Park III 4,153,000 42,471,600 922.67%
<br /> TIF 27 Ken's Market 190,000 1,235,000 550.00%
<br /> TIF 28 Rice Creek Center 4,579,000 17,215,100 275.96%
<br /> TIF 29 BCPII South (Soo Line) 195,000 1,806,200 826.26%
<br /> TIF 30 Brighton Village- Beisswenger 2,683,000 12,677,700 372.52%
<br /> TIF 31 Northwest Quadrant (West Side) 2,404,000 11,023,100 358.53%
<br /> TIF 32 Northwest Quadrant (East Side) 1,509,800 9,608,300 536.40%
<br /> 11F 33 Mards Transmission Site Office Condo Development 141,700 1,104,100 679.18%
<br /> TOTAL 25,000,400 188,264,200 653.05%
<br /> Even though there are many benefits to utilizing TIF as a development tools, cities may wonder if they are utilizing the tool too much
<br /> or not enough. One good way to measure a city's use of TIF is to compare the use of TIF with similar cities. A common measure of
<br /> the use of TIF is the percentage of the gross tax base captured in TIF districts. Below is a chart which demonstrates the City's current
<br /> and projected tax base which is captured in TIF districts with similar cities.
<br /> O
<br /> Management Review&Analysis-Tax Increment Financing Districts October 2013
<br /> New Brighton, Minnesota Page 10
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