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. . . ~ ~HILLS MEMORANDUM DATE: April 6, 2005 Agenda Item 7.A TO: Mayor and Council Michelle Wolfe, City Administrator FROM: Scott Clark, Community Development Director SUBJECT: TCAAP Public Financing Policy Pursuant to dircction from thc City Council, the Economic Development Commission's (EDC) "TCAAP Public Financing Policy Recommendations" is being placed on the agenda for consideration. This policy document includes both the modifications that were discussed at the joint EDC/Council meeting on Febmary 22, 2005 and the comments supplied by the City Attorney. In addition, Attachment II in the plan is a flow chart that illustrates how the policy document, and the implementation of its principles, works in the overall TCAAP process. Since there have been many meetings on this subject the rest of this report will be an attempt to capture the essence of these discussions. It is recognized that there may not be a full consensus on all points but these have been central topics. I) The City's election to become involved in an early transfer process allows the community the maximum control of the property. If an election is made not to participate, the TCAAP project would go to public auction and the City's role would be in a reactionary mode based on zoning review only. 2) The recently adopted "TCAAP Framework Vision" is a community based plan that incorporates the principles of the City Council's Goals and Vision adopted in January of 2004. 3) After review of other major regional redevelopment projects, the EDC views it is reasonable to expect that public financing will be necessary to constmct the "TCAAP Framework Vision." 4) Ml\ior public financing tools will be grants, tax increment financing and possibly special assessment bonds. 5) Public financing should be done in a fashion that maximizes risk avoidance to the City. 6) Public financing should be constmcted in a manner that offers maximum analysis of the "but for" test including look back provisions.