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starting point and provide direction for the next business steps. They can be expressed in four fundamental concepts: . 1. The City should provide public financing, as needed, in order for the TCAAI' to be developed at the level envisioned in the TCAAP Framework Vision. This is the key operating assumption of these policies, or put in another way, serves as the philosophy agreed to by the City in how they will handle public financing as they work through the TCAAP business transactions with the developer of record. 2. The need for public financing is predicated on the fact that this is a major redevelopment project that has major challenges including environmental clean-up, infrastructure improvements, both within and on the periphery of the site, marketing a product that has the "stigma" of a super fund site and providing the level of design detail that can erase this image and create a mixed use development that can serve as an asset to the City's future tax base. A review of other redevelopment projects by the EDC indicates that the City should anticipate that a significant level of public financing should be anticipated to accomplish the TCAAP goals. 3. Public financing will need to be created in a manner that does not have any negative fiscal affect on the existing tax payers of the community. In addition, several policies deal with the issues of how to maintain fiscal responsibility in determining the levels of public financing and the process for review. . 4. TCAAP can serve as a positive catalyst for the City as a whole by assisting future activities through the capitalization of funds for redevelopment and recreational needs. Local Public Senice Needs A key concern for the EDC is how the City will pay for local governmental services in the TCAAP area. If it is assumed that the TCAAP area will be a redevelopment tax increment district, none of the new taxes will benefit the City's general operating fund until the district is terminated (potentially extending 25 years). The staff did a very quick analysis and based on this very preliminary work, the TCAAP project will be able to pay for needed local services through building permits, escrows, the original captured tax base, etc., for the first fourteen to sixteen years of the districts life. After this, the City will have to devise methods to pay for those services, until the district ends. Policies # IB, 2B and 3B addresses this issue. The EDC recognizes that their role was not to develop specific solutions. This . Page4of5 \\EarthlPlanning\Misc FileslEDC\execulive summary - Copy with Council and EDC Strikeouts and Bold Text.doc