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03-14-05
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03-14-05
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11/14/2006 4:23:30 PM
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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Every redevelopment project brings a unique set of circumstances and challenges. <br />As such, each strategy must be tailor made to match these conditions. <br /> <br />2A. As evidenced by other Twin Cities metropolitan redevelopment activities, the magnitude <br />of the TCAAP project (535 acres of developaIJle land) ( primary development area is <br />455 acres) combined with extraordinary environmental challenges, demolitions costs, <br />infrastructure improvements including potential freeway interchange improvements, <br />marketing challenges and asset enhancement design creates a redevelopment project that <br />will need significant public financing in order to be economically feasible. <br /> <br />3A. The City desires that the TCAAP project, as outlined in the City's approved Master <br />Framework Vision, and the City's goals and vision for the project dated January 26,2004 <br />be of the hignest quality that call. Ile achie'/ed. high quality. To this end, the City <br />recognizes that public financing will be required to achieve this objective. <br /> <br />4A. TCAAP will have a positive long term impact on the City by the immediate clean-up of <br />polluted properties, the elimination of vacant buildings and infrastructures, providing <br />alternative housing choices, and establishing a unique identity for the community. <br /> <br />5A. Based on economIC development projections, the anticipated tax increment revenue <br />generated from a ~ 26 year redevelopment district willlle may generate $70,000,000 in <br />net present value. It is anticipated that the TCAAP development, due to the conditions <br />of the site and the desire of the City to implement the principles of the TCAAP <br />Framework Vision, will demand significant may require significant public financing <br />assistance to complete the redevelopment. Based on this, implementation strategies may <br />include the following to ensure fiscal responsibility and minimizing the impact of the <br />TCAAP development on the City as a whole. <br /> <br />All requests for assistance shall be reviewed by a third party financial advisor. <br /> <br />Page 6 of9 <br />llEarthlAdminlCommitteeslEconomic Development CommissionlTax Increment Financing Policy - Copy with <br />Council and EDC Strikeouts and Bold Text.doc <br />
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