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<br />WHEREAS, the Economic Development Commission concluded that as evidenced by <br />other major Twin Cities redevelopment projects that it is a reasonable assumption that public . <br />financing will be needed to construct the TCAAP project as illustrated in the most current <br />version of the TCAAP Framework Vision; and <br /> <br />WHEREAS, the Economic Development Commission concluded their recommendations <br />in a report entitled, "TCAAP Public Financing Policy Recommendations dated February 15, <br />2005, and <br /> <br />WHEREAS, on February 22, 2005 the City Council reviewed with the Economic <br />Development Commissions their recommendations and mutually made changes to the report, and <br /> <br />WHEREAS, the City Attorney has reviewed and reformatted the document and <br />suggested the following changes: <br /> <br />1. The caption for Section 3 be amended to read "Costs which may qualify for tax <br />increment assistance." <br /> <br />2. The last two (2) sentences of Section 5.C. be amended to read" Based on observations <br />from other Metropolitan Redevelopment Projects, it is assumed that the TCAAP <br />redevelopment may need substantial public financing in order for the project to be <br />economically feasible. The City of Arden Hills will view and favorably consider <br />applications for public financing that comply with the provisions of Section I, 2, 5, 6, <br />and 7 of the Policy and will view and favorably consider tax increment financing . <br />applications that comply with all provision ofthe Policy. <br /> <br />WHEREAS, the City Council directed and held an informational meeting on both the <br />TCAAP Framework Vision and the Public Financing Recommendations report on March 16, <br />2005, and <br /> <br />WHEREAS, the City Council discussed the recommendations, as modified from time to <br />time at various other Council meetings, <br /> <br />NOW THEREFORE BE IT RESOLVED, The City of Arden Hills City Council adopts <br />the report entitled, "TCAAP Public Financing Policy Recommendations," dated April I I, 2005. <br /> <br />Attest: <br /> <br />l\Earth\AdminICouncitlResolutionsI2005105-28 Resolution Affirming TCAAP Public Financing <br />Recommendations. doc <br /> <br />. <br />