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<br />7) It is assumed that the public financing can be done in a fashion that will not affect . <br />the local taxpayer. <br /> <br />S) Since the creation of a tax increment district does not allow new tax growth to be <br />captured by the general fund until a district expires, a Local Resources Plan needs <br />to be completed to illustrate how new expenditure needs can be met that will not <br />have a significant impact on existing tax payers. <br /> <br />9) The City will attempt to minimize the affect on local tax payers for any new <br />services needed in the TCAAP redevelopment. <br /> <br />10) The TCAAP area should not be viewed as an entity separate from the City. This <br />redevelopment will provide a number of benefits to the community including <br />alternative housing choices, recreational opportunities, reclaiming polluted <br />property, providing an additional identity for the community, becoming an <br />economic catalyst for future development/redevelopment reclaiming polluted <br />properties to a higher standard in an expedited time frame. <br /> <br />II) The eventual TCAAP build-out will generate a significant tax base where tax <br />revenue will be higher than expenditure needs. <br /> <br />Recommendation <br />The approval of this document, along with a new Interim Agreement, are the key steps to <br />continuing the TCAAP project and attempting to meet the deadline of a first quarter of 2006 land <br />transfer between the U.S. Army and the developer, CRR, LLC. As presented, the City's <br />Economic Development Commission has recommended public financing policies as modified. . <br /> <br />\lEarth\PlanninglMisc FileslEconomic Development\Council memo 4 t 1 05 Final.doc <br /> <br />. <br />