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<br />. <br /> <br />. <br /> <br />. <br /> <br />5. <br /> <br />Revised Policy incorporating <br />city attorney's modifications <br /> <br />TCAAP Guidin!! Public Financin!! Principle <br /> <br />A. <br /> <br />The City of Arden Hills is committed to the redevelopment of the Twin Cities <br />Army Ammunition Plant (TCAAP ) as evidenced by a series of documents <br />including the City Council approved Goals and Objectives, dated January 26, <br />2004 and the adopted TCAAP Framework Vision. It is understood that the <br />blueprint for the redevelopment will undergo continuous refinement and <br />modifications throughout the life ofthe project. <br />The City recognizes that the TCAAP project, like all redevelopment efforts, has <br />extraordinary project costs including, but not limited to, environmental clean-up, <br />major infrastructure improvements, architectural enhancements and other <br />modifications that will assist in marketing property that carries with it the stigma <br />of a polluted Super Fund site. The end redevelopment goals are to create a long <br />term community asset and secondly, the environmental clean-up of a vacated <br />military ammunition plant ensuring the health and safety of Arden Hill's <br />residents. <br />In order to secure these redevelopment goals the City needs to partner with a <br />development group to implement the TCAAP vision. Based on observations from <br />other metropolitan Redevelopment Projects it should be assumed that the TCAAP <br />redevelopment will need substantial public financing, as defined in this doeument, <br />in order for the project to be economically feasible. The City of Arden Hills <br />eommits itself to ]lfOyiding compreilensiye pllblie financing, as needed, in order <br />to fully cOllstrnet tile TCA1\P redevelo]lffiefJt ]llan. will view and favorably <br />consider applications for public financing that comply with the provisions of <br />Section 1, 1, 5, 6 and 7 of the Policy and will view and favorably consider tax <br />increment financing applications that comply with all provisions of the Policy~ <br />The assumptions for this guiding principle are as follows: <br />I. Public financing may include tax increment, grants, City bonds, special <br />legislation and any tools that serves as project revenue and fulfills the <br />purpose of making the TCAAP project economically feasible. <br />2. Public financing shall not affect the existing taxpayers of the community. <br /> <br />B. <br /> <br />c. <br /> <br />D. <br /> <br />Page 4 of9 <br />