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Revised Policy incorporating city attorney's modifications 5_ TCAAP Guidinl!. Public Financinl!. Principle A. The City of Arden Hills is committed to the redevelopment of the Twin Cities Army Ammunition Plant (TCAAP ) as evidenced by a series of documents including the City Council approved Goals and Objectives, dated January 26, 2004 and the adopted TCAAP Framework Vision. It is understood that the blueprint for the redevelopment will undergo continuous refinement and modifications throughout the life of the project. B. The City recognizes that the TCAAP project, like all redevelopment efforts, has extraordinary project costs including, but not limited to, environmental clean-up, major infrastructure improvements, architectural enhancements and other modifications that will assist in marketing property that carries with it the stigma of a polluted Super Fund site. The end redevelopment goals are to create a long term community asset and secondly, the environmental clean-up of a vacated military ammunition plant ensuring the health and safety of Arden Hill's residents_ C. In order to secure these redevelopment goals the City needs to partner with a development group to implement the TCAAP vision. Based on observations from other metropolitan Redevelopment Projects it should be assumed that the TCAAP redevelopment will need substantial public financing, as defined in this doclIffieJlt, in order for the project to be economically feasible. The City of Arden Hills commits itselft6 proyiding cOIHJlreheJls-ive public fiBaHcing, as needed, in oRier t6 fully construct the TCAAP redeyeloplRent plan. will view and favorably consider applications for public financing that comply with the provisions of Section 1, 2, 5, 6 and 7 of the Policy and will view and favorably consider tax increment financing applications that comply with all provisions of the Policy~ D_ The assumptions for this guiding principle are as follows: 1. Public financing 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. Page 4 of9 . . .