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03-28-05
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03-28-05
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<br />. <br /> <br />. <br /> <br />. <br /> <br />March 21,2005 <br /> <br />Mr. Scott Clark <br />Community Development Director <br />City of Arden Hills <br />1245 West Highway 96 <br />Arden Hills, Minnesota 55121 <br /> <br />RE: TCAAP Public Financing Policy <br /> <br />Dear Scott: <br /> <br />I have reviewed the TCAAP Public Financing Policy (the "Policy"). I have <br />renumbered the sections of the Policy for ease of reference. I am enclosing a <br />renumbered version of the Policy and offer the following comments: <br /> <br />1. <br /> <br />The Policy is a reflection of the City's current intent and is not a <br />contractual binding agreement. However, it is possible for the Policy to <br />be converted to a contractual binding document by incorporating it in a <br />future interim agreement or master development agreement. The <br />specific language of the incorporating document would need to be <br />reviewed. <br /> <br />2. The Policy broadly applies to all types of public financing (Sections 1, 2, 5, <br />6 and 7), but contains certain sections that are applicable only to tax <br />I increment financing (Sections 3 and 4). <br /> <br />3. There may be some ways to more clearly express the present discretionary <br />nature of the Policy: <br /> <br />a. The caption for Section 3 could read "Costs which may qualify for <br />tax increment assistance"_ <br /> <br />b. <br /> <br />The last two (2) sentences of Section 5.C. could be amended to <br />read: "Based on observations from other Metropolitan <br />Redevelopment Projects, it is assumed that the TCAAP <br />redevelopment may need substantial public financing in order for <br />the project to be economically feasible. The City of Arden Hills will <br />view and favorably consider applications for public financing that <br />
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