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reme i tion as well as the available methods of financing. The estimated redevelopment costs re approximately $31.4 million, however, the value of the land for the proposed proje is approximately $13.2 million. It has been determined that it is this difference of appro mately $18.2 million resulting from additional acquisitions, infrastructure impro ments and environmental remediation costs that requires additional tax increment assist nce. Please refer to Exhibit XXXIII-D of the Subdistrict Plan for a detailed descri tion of the necessary environmental remediation required. 3. inding that the increased market value of the site (the increased area within the M dified District) that could reasonably be expected to occur without the use of tax i rement financing would be less than the increase in the market value estim ted to result from the proposed development after subtracting the present value f the projected tax increments for the maximum duration of the district perm ed by the Restated Plan. ity staff has determined that without tax increment assistance no redevelopment is po ible, therefore, the increase in the market value is $0. ity staff has further determined that with tax increment assistance the redev lopment activities within the increased area of the Modified District as described in Item above could be achieved with an estimated market value of approximately $99,0 0,000. After deducting the original market value of approximately $6,000,000 from this e imated market value, City staff has further determined that the increased market value hat could reasonably be expected to occur from a project receiving tax increment assis nee would approximate $93,000,000. City staff has also determined that the total amount of tax increment generated from e project using tax increment assistance over the 25 year term of the Modified Distri approximates $34,159,426. Assuming the same 25 year term and a present value ate of 5.5%, which for financial analysis is assumed to be the bond rate, the prese t value of $34,159,426 approximates $15,634,215. After deducting the present value f the tax increment ($15,634,215) from the increase in estimated market value occur ng as a result of utilizing tax increment assistance ($93,000,000), the net increase in est ated market values approximates $77,365,785. City staff has further determined that the increased market value of the site that could easonably be expected to occur without the use of tax increment financing ($0) is less an the increase in the market value estimated to result from the proposed devel pment after subtracting the present value of the projected tax increments for the maxi um duration of the district permitted by the TIF Plan ($99,000,000-$15,634,215= $77, 5,785). Further information supporting this Finding is attached as Exhibit D. 9