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a + <br />The City's existing Tax Increment Financing District No. 11 expires in 2014. Even if all the <br />parcels were redeveloped in 2004, there is not sufficient time to generate the tax increment <br />necessary to fill the financial gaps in the proposed project. In addition, much of the new <br />redevelopment will overlap parcels in the existing tax increment district, thereby creating a <br />situation where only a portion of the new redevelopment is within the existing tax increment <br />district. Twin Lakes redevelopment Area is a large Brownfield project that will beg. <br />redevelopment in 2004; however, completion of the redevelopment may take 10 to 15 gears as <br />some parcels are more environmentally and economically challenging. <br />In order to provide a competitive envirorument for redevelopment, the special legislation is <br />necessary to finance typical Brownfield redevelopment costs such as these associated with the <br />Twin Lakes Redevelopment Area. <br />llvictaria\CommDev\Planning Files \3500- 354913543_Twin Ukes ImplementationlAttachmcnt E - EXPLANATION of special legislation.doc <br />