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<br />. <br /> <br />. <br /> <br />. <br /> <br />process needs to be solved as part of the overall Master Development Agreement that will lead to the <br /> <br /> <br />development of the TCAM site. However, it is essential that this issue be fully addressed, prior to any <br /> <br /> <br />final agreement being made, to ensure that the existing taxpayers of the City do not have to pay for <br /> <br /> <br />TCAM local services. Some of the potential remedies to pay for local public service needs, as discussed <br /> <br /> <br />by the EDC include: <br /> <br />Creation of a Municipal Service District <br /> <br />Acceleration of tax increment payments resulting in the TCAM tax increment district being <br />decertified at an earlier date. After the decertification of the district, the City's general fund <br />will receive all TCAM City portion project taxes to pay for local services. <br /> <br />Developer contribution. <br /> <br />Conclusion <br />The EDC, on a vote of 7 to 0, recommends approval of the attached "TCAM Public Financing Plan". <br />The commission views that the TCAAP project will not happen without public assistance, especially to <br />achieve the concepts of the City's TCAM Framework Vision and to surmOllilt the challenges associated <br />with redeveloping and marketing a superfund site. The recommended policies assume that the City will <br />put into place all necessary administrative structures to monitor the use of public financing and to create <br />an agreement that will not negatively affect the taxpayers of the community. <br /> <br />\\Farth\Planning\Misc Files\EDC\executivc summary.doc <br /> <br />Page 5 of 5 <br />\\Earth\Planning\Misc Files\EDC\executive summary - Copy with Council and EDC Strikeonts and Bold Text.doc <br />