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03-28-05
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03-28-05
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9/17/2012 10:46:45 AM
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11/14/2006 4:23:36 PM
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<br />. <br /> <br />. <br /> <br />. <br /> <br />Revised Policy incorporating <br />city attorney's modifications <br /> <br />3_ <br /> <br />Public financing shall be given through a rigorous process to ensure fiscal <br />responsibility_ This includes third party review for the "but for" analysis <br />for any financial requests, establishment of internal administrative <br />processes and related items_ <br /> <br />This guiding principle is further defined through the following 14 operating principles. <br /> <br />6. TeAAP Public Financinl! and Tax Increment Principles <br /> <br />A. General assumptions of redevelopment shall serve as a guide for TCAAP <br /> <br />financial assistance policies. These assumptions are as follows: <br /> <br />1. Redevelopment is an inevitable community process. <br /> <br />2. The City needs to be proactive to redevelopment challenges. <br /> <br />3_ <br /> <br />Redevelopment processes are complex, requiring a large amount of City <br />resources to be successful. <br /> <br />4. <br /> <br />The City recognizes public investment/initiatives for redevelopment are <br />essential for the long-term health of the community_ <br /> <br />5. Redevelopment costs may compete with other City interests_ <br /> <br />6. Redevelopment benefits are both tangible and intangible. <br /> <br />7. Every redevelopment project brings a unique set of circumstances and <br />challenges. As such, each strategy must be tailor made to match these <br />conditions. <br /> <br />B. As evidenced by other Twin Cities metropolitan redevelopment activities, the <br />magnitude ofthe TCAAP project (primary development area is 455 acres) <br />combined with extraordinary environmental challenges, demolitions costs, <br />infrastructure improvements including potential freeway interchange <br />improvements, marketing challenges and asset enhancement design creates a <br />redevelopment project that will need significant public financing in order to be <br />economically feasible_ <br /> <br />Page 5 of9 <br />
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