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5. TCAAP Guiding Public Financing Principle <br /> • A. The City of Arden Hills is committed to the redevelopment of the Twin Cities <br /> Army Ammunition Plant (TCAAP ) as evidenced by a series of documents <br /> including the City Council approved Goals and Objectives, dated January 26, <br /> 2004 and the adopted TCAAP Framework Vision. It is understood that the <br /> blueprint for the redevelopment will undergo continuous refinement and <br /> modifications throughout the life of the project. <br /> B. The City recognizes that the TCAAP project, like all redevelopment efforts,has <br /> extraordinary project costs including,but not limited to, environmental clean-up, <br /> major infrastructure improvements, architectural enhancements and other <br /> modifications that will assist in marketing property that carries with it the stigma <br /> of a polluted Super Fund site. The end redevelopment goals are to create a long <br /> term community asset and secondly, the environmental clean-up of a vacated <br /> military ammunition plant ensuring the health and safety of Arden Hill's <br /> residents. <br /> C. In order to secure these redevelopment goals the City needs to partner with a <br /> • development group to implement the TCAAP vision. Based on observation from <br /> other metropolitan redevelopment projects it should be assumed that the TCAAP <br /> redevelopment will need substantial public financing in order for the project to be <br /> economically feasible. The City of Arden Hills will view and favorably consider <br /> applications for public financing that comply with the provisions of Sections 1, 2, <br /> 5, 6, and 7 of the Policy and will view and favorably consider tax increment <br /> financing applications that comply with all provisions of the Plolicy. <br /> D. The assumptions for this guiding principle are as follows: <br /> 1. Public financing may include tax increment, grants, City bonds, special <br /> legislation and any tools that serve as project revenue and fulfills the <br /> purpose of making the TCAAP project economically feasible. <br /> 2. Public financing shall not affect the existing taxpayers of the community. <br /> 3. Public financing shall be given through a rigorous process to ensure fiscal <br /> responsibility. This includes third party review of the"but for" analysis for <br /> any financial requests, establishment of internal administrative processes <br /> • and related items. <br /> Page 4 of 8 <br /> \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\TCAAP Public Financing <br /> Policy-Final.doc <br />