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Original Strike Out Copy 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: o Third party review of the "but for" analysis_ o Establishment of "look back provisions". o Establishment of internal tax increment administrative procedures. o 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_ . The base tax increment for this redevelopment, which could equal up to $200,000 per year, will provide the City a revenue starting point for increased local services. The City will target up to 5% oftax increment for administrative purposes_ . The City will target up to 10% of tax increment to be used for capitalizing a City wide redevelopment fund 6A. The City will construct a Master Development Agreement that will serve as the basis for future individual development agreements_ This Agreement will construct the outline for future business transactions such as minimum values, employment, phasing, qualified costs and the conditions that addresses the business term considerations of both the developer and the City. 7 A. The City should attempt to certify the TCAAP area as a ~ 26 year redevelopment area to allow for maximum financial flexibility The City will consider fees on new construction, as needed, to serve as a revenue source to construct necessary TCAAP capital improvements. An example of this would be the creation ofa Water Accessibility Charge (WAC) that could be used for a water tower, lift Page 7 0[9 llEarth\AdminlCommilleeslEconomic Development CommissionlTax Increment Financing Policy - Copy with Council and EDC Strikeouts and Bold Tcxt.doc 8A. .