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<br />. <br /> <br />. <br /> <br />. <br /> <br />stations and the like. The City will attempt to have new fee structures applicable in the <br />TCAAP area only. <br /> <br />9A. <br /> <br />Tho City will eOHsidor BOHdiHg for 8Jleeial aoseosmeHt impr-ovomoHts iH order to <br />miHimizo eeoHomic shortfalls To assist reducing TCAAP project expenditures, the <br />City will consider issuance of general obligation bonds for infrastructure <br />improvements. The purpose of these bonds would be to provide below market <br />financing for improvements and would be paid back through a contractually agreed <br />upon special assessment payment process. The City views that these types of bonds <br />provide minimal risk to the City's tax payers since assessments of these types are <br />liens on property that are senior to any type of mortgage. <br /> <br />lOA. The City shall proactively attempt to minimize the amount of tax increment needed <br />through the pursuit of grants, special legislation, innovative solutions in structuring the <br />deal, and other funding mechanisms. It is recognized that capital improvement grant <br />sources can not be successfully sought until the project achieves more finality, e.g., <br />signing of various development and early transfer agreements. In addition, some grants <br />may not be accessible to the City since conditions attached to the same may not meet the <br />community's objectives. <br /> <br />IIA. The City will designate a citizen's "watch-dog" Committee to ensure that any public <br />financing is given and administered within the spirit and intent of these policies. At a <br />minimum, the group should meet on an annual basis and review the City's Tax Increment <br />Report to the Office of the State Auditor. <br /> <br />TCAAP Local Public Services Needs <br />lB. An extensive City resource plan will be prepared to identify additional public services <br />that will be needed for the TCMP area. It should be anticipated that the cost of public <br />services, within a period of 14 to 16 years, will exceed any additional general fund <br />revenue that is created by this project until decertification of any TCAAP related tax <br />increment district. The cost of these additional services shall be addressed as part of the <br /> <br />Page 8 of9 <br />\\Earth\Admin\Comrrrittees\Economic Development Commission\Tax Increment Financing Policy - Copy with <br />Council and EDC Strikeouts and Bold Text.doc <br />