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Assessments — The City Council revised the city -wide assessment policy in 2003 as follows: The City will assess 100% of the cast of new road construction to benefiting property owners. This may be done in any combination of lineal, front footage on the new road andlor an area -wide assessment which deter mines benefit to parcels beyond those adjoining the right a, f way. No one parcel would carry more than its prorated sure of those costs, based on lard area. These casts may be assessed andlar are eligible coats within a portion of a tax increment in rastr uctcrre improvement plan. One method to provide assistance to the project would be to cover a portion or all of the costs of public improvements for Twin Lakes Parkway that would be assessed under the current city policy. Other options include deferred assessment of the costs over a period of time. Tax Increment Finan — Portions of Twin Lakes is within TEF Redevelopment District #11 which will expim in 2014. City policy is to use TIF on a Fay -as- you -go basis. special legislation will be necessary to extent the duration of TIF as well as make it contiguous throughout the redevelopment area. Its addition, the Council may choose to modify its existing policy for this large redevelopment area to use a combination of up -front (financed by City revenue bonds) and pay -as- you -go (financing by developers). anAGrants — the City has $500,000 in a loan program from EPA to help fund environmental cleanup. In addition, other state, county and regional grants and loans can be applied for to help fund environmental and redevelopment costs. Partners — "Mere are many public and private partners that the City can and should solicit for assistance in the project including state legislators, I -35W Corridor Coalition, County leaders, Metropolitan Council and private corporations* All these partners will benefit from the redevelopment of Twin Lakes. Condemnation/Fair Market value — The City's use of condemnation for a public purpose to clean up blight can be used to help in the redevelopment of Twin Lakes as well as to establish fair market value for properties in the area. - r - I A ' "