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financing, as defined in this document, in order for the project to be economically feasible. The . City of Arden Hills commits itself to providing comprehensive public financing, as needed, in order to fully construct the TCAAP redevelopment plan. The assumptions for this guiding principle are as follows: 1. Public financing ine1udes may include tax increment, grants, City bonds, special legislation and any tools that serves as project revenue and fulfills the purpose of making the TCAAP project economically feasible. 2. Public financing shall not affect the existing taxpayers of the community. 3. Public financing shall be given through a rigorous process to ensure fiscal responsibility. This includes third party review for the "but for" analysis for any financial requests, establishment of internal administrative processes and related items. This guiding principle is further defined through the following 14 operating principles. . 'fCAAP Public Financiul! and Tax Increment Principles IA. General assumptions of redevelopment shall serve as a guide for TCAAP financial assistance policies. These assumptions are as follows: . Redevelopment is an inevitable community process. . The City needs to be proactive to redevelopment challenges. . Redevelopment processes are complex, requiring a large amount of City resources to be successful. . The City recognizes public investmentlinitiatives for redevelopment are essential for the long-term health of the community. . Redevelopment costs may compete with other City interests. . Redevelopment benefits are both tangible and intangible. . Page 5 of9 llEarth\AdminlCommitteeslEconomic Development CommissionlTax Increment Financing Policy - Copy with Council and EDC Strikeouts and Bold Text.doc