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Regular City Council Meeting - 03/29/04 Minutes - Page 17 Casserly noted that this preliminary financial analysis presented a "worst case" conservative scenario for the area's redevelopment efforts; and assumed no builder or developer subsidy in this analysis. Councilmember Maschka requested staff display maps of the 12 areas under discussion and their relative location. Mr. Casserly briefly reviewed each potential source, use and gap strategy for Council's discussion purposes; and made an assumption that the developer or third party absorbed all costs in acquiring the 67.8 acres in Areas 1- 5. Discussion items included, assumption of land ownership free of structures and contamination, with utility installation; differences between redevelopment costs and subsidies related to fair market value of land; use of tax increment financing as a funding source through Tax Increment Bonds and/or Revenue Notes; other assumptions used in the preliminary analysis; and Finance Director Miller's assistance in analyzing risks involved with the various strategy scenarios. Councilmember Ihlan sought clarification of the analysis and costs for land preparation, noting the potentially significant amount of public money required for investment in the project to make it feasible. Further discussion included availability of grant funds to reduce gap strategies; potential assessments; Port Authority and Housing and Redevelopment Authority (HRA) options; public policy issues that needed further consideration and discussion; an eventual determination by the Council as to the feasibility of the public investment in the project; and the Council's comfort level of options chosen when further analysis is completed. Councilmember Maschka recognized the enormity of the project while reminding Councilmembers of the potential substantial addition to the City's tax base that could be realized (estimated at $4.5 Million). Councilmember