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WHEREAS, the Economic Development Commission concluded that as evidenced by other major Twin Cities redevelopment projects that it is a reasonable assumption that public . financing will be needed to construct the TCAAP project as illustrated in the most current . version of the TCAAP Framework Vision; and WHEREAS, the Economic Development Commission concluded their recommendations in a report entitled, "TCAAP Public Financing Policy Recommendations dated February 15, 2005,and WHEREAS, the City Council reviewed with the Economic Development Commissions their recommendations and mutually made changes to the report, and WHEREAS, the City Attorney has reviewed and reformatted the document and suggested the following changes: 1. The caption for Section 3 be amended to read "Costs which may qualify for tax increment assistance." 2. The last two (2) sentences of Section 5.C. be amended to read" Based on observations from other Metropolitan Redevelopment Projects, it is assumed that the TCAAP redevelopment may need substantial public financing in order for the project to be economically feasible. The City of Arden Hills 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 provision of the Policy. . WHEREAS, the City Council directed and held an information meeting on both the TCAAP Framework Vision and the Public Financing Recommendation report on March, 16, 2005, and WHEREAS, the City Council discussed this recommendations, as modified from time to time at various other Council meetings, NOW THEREFORE BE IT RESOL YED, The City of Arden Hills City Council adopts the report entitled, "TCAAP Public Financing Policy Recommendations," dated 2005. Attest: \\Earth\Planning\M.isc Files\EDC\Copy of Economic Development Commission Resolution Affirming TCAAP Public Financing Recommendations.doc .