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C. D. Revised Policy incorporating city attorney's modifications E. The City desires that the TCAAP project, as outlined in the City's approved Master Framework Vision, and the City's goals and vision for the project dated January 26, 2004 be of high quality. To this end, the City recognizes that puhlic financing will be required to achieve this objective. TCAAP will have a positive long term impact on the City by the immediate clean- up of polluted properties, the elimination of vacant buildings and infrastructures, providing alternative housing choices, and establishing a unique identity for the community. Based on economic development projections, the anticipated tax increment revenue generated from a 26 year redevelopment district may generate $70,000,000 in net present value_ It is anticipated that the TCAAP development, due to the conditions of the site and the desire ofthe City to implement the principles of the TCAAP Framework Vision, may require significant public financing assistance to complete the redevelopment. Based on this, implementation strategies may include the following to ensure fiscal responsibility and minimizing the impact of the TCAAP development on the City as a whole. 1. All requests for assistance shall be reviewed by a third party financial advisor. . . 2. The City shall establish mechanisms within the development agreement to ensure that adequate checks and balances are constructed in the distribution of financial assistance, these include: a. Third party review of the "but for" analysis. b. Establishment of "look back provisions". c. Establishment of internal tax increment administrative procedures_ 3_ d. Establishment of minimum assessment agreements. The City will elect the fiscal disparities to come from inside the district to eliminate any impact to the existing tax payers of the community_ . Page 60[9