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F. The City will construct a Master Development Agreement that will serve as the <br /> basis for future individual development agreements. This Agreement will <br /> construct the outline for future business transactions such as minimum values, <br /> employment, phasing, qualified costs and the conditions that addresses the <br /> business term considerations of both the developer and the City. <br /> G. The City should attempt to certify the TCAAP area as a 26 year redevelopment <br /> area to allow for maximum financial flexibility <br /> H. The City will consider fees on new construction, as needed, to serve as a revenue <br /> source to construct necessary TCAAP capital improvements. An example of this <br /> would be the creation of a Water Accessibility Charge (WAC) that could be used <br /> for a water tower, lift stations and the like. The City will attempt to have new fee <br /> structures applicable in the TCAAP area only. <br /> 1. To assist reducing TCAAP project expenditures, the City will consider issuance <br /> of general obligation bonds for infrastructure improvements. The purpose of these <br /> bonds would be to provide below market financing for improvements and would <br /> be paid back through a contractually agreed upon special assessment payment <br /> • process. The City views that these types of bonds provide minimal risk to the <br /> City's taxpayers since assessments of these types are liens on property that are <br /> senior to any type of mortgage. <br /> J. The City shall proactively attempt to minimize the amount of tax increment <br /> needed through the pursuit of grants, special legislation, innovative solutions in <br /> structuring the deal, and other funding mechanisms. It is recognized that capital <br /> improvement grant sources can not be successfully sought until the project <br /> achieves more finality, e.g., signing of various development and early transfer <br /> agreements. In addition, some grants may not be accessible to the City since <br /> conditions attached to the same may not meet the community's objectives. <br /> K. The City will designate a citizen's "watch-dog" Committee to ensure that any <br /> public financing is given and administered within the spirit and intent of these <br /> policies. At a minimum, the group should meet on an annual basis and review the <br /> City's Tax Increment Report to the Office of the State Auditor. <br /> • Page 7 of 8 <br /> \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\TCAAP Public Financing <br /> Policy-Final.doc <br />