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Revised Policy incorporating city attorney's modifications 3. Public financing shall be given through a rigorous process to ensure fiscal responsibility. This includes third party review for the "but for" analysis for any financial requests, establishment of internal administrative processes and related items. . This guiding principle is further defined through the following 14 operating principles. 6. TCAAP Public Financinl! and Tax Increment Principles A. General assumptions of redevelopment shall serve as a guide for TCAAP financial assistance policies. These assumptions are as follows: I. Redevelopment is an inevitable community process. 2. The City needs to be proactive to redevelopment challenges. 3. Redevelopment processes are complex, requiring a large amount of City resources to be successful. 4. The City recognizes public investment/initiatives for redevelopment are essential for the long-term health of the community. . 5. Redevelopment costs may compete with other City interests. 6. Redevelopment benefits are both tangible and intangible. 7. Every redevelopment project brings a unique set of circumstances and challenges. As such, each strategy must be tailor made to match these conditions. B. As evidenced by other Twin Cities metropolitan redevelopment activities, the magnitude ofthc TCAAP project (primary development area is 455 acres) combined with extraordinary environmental challenges, demolitions costs, infrastructure improvements including potential freeway interchange improvements, marketing challenges and asset enhancement design creates a redevelopment project that will need significant public financing in order to be economically feasible. . Page 5 of9