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. In 2002 the City Council selected a development group (CRR, Inc.) that had the abilities and sophistication to work through the early transfer process and redevelop the TCAAP site per the established vision. On January 26, 2004, the City Council adopted a refined 'TCAAP Goals and Vision Statement. ~l On February 2, 2005, the Planning Commission recommended approval of the TCAAP Framework Vision The City's Economic Development Commission generated a recommended set of policies entitled "TCAAP Public Financing Policy", dated February 15, 2005. 4. In the long term, the TC1\.i\~ development '.','ill assist the City :n terms sf its very high ta" ease which willee shared with the rest sf the SSHlflffiRit)'. In the long term, the TCAAP's high tax base will be beneficial to the City's overall property tax calcnlations and the affect on tax payers. The TCAAP's primary development area (approximately 455 acres which excludes the Wildlife Corridor and the Sports Facility Area) is 15% of the City's developable land area. However, based on current projections from the Framework Vision, the amount of new TCAAP construction will ultimately generate a tax base value that is almost equal to the rest of the City in total. (Total TCAAP market value is estimated to be $850,000,000.) The EDC modeled the affect on a residential home's property tax, after the TCAAP tax district is decertified, and the results weffi4 could be a reduction of up to 25%, as iIIustrated.reduction. . Public Financinl!: Pages 4 and 5 of the "TCAAP Public Financing Policy" discuss the overall TCAAP guiding principle relevant to public financing, defined as "tax increment, grants, bonds, special legislation, and any tools that can serve as TCAAP project revenue and fulfills the purposes of making the TCAAP project financially feasible." It is also stated that the pool of tax increment money (which would be the primary source of public financing) has been projected to be $70,000,000 based on the current Framework Vision. At this time it is not known what percentage of the tax increment pool will have to be used, as this will be . refined as the City works with the developer to construct business tenns that will serve as a negotiating framework for a Master Development Agreement. However, the attached policies attempt to build a Page 3 of5 \\EarthIPlanninglMisc FileslEDC\executive summary - Copy with Council and EDC Strikeouts and Bold Text.doc